Scandal Hit Volkswagen Has Postponed Release of Earnings
Volkswagen the German carmaker said it postponed its release of its earnings for the full-year along with its annual meeting of shareholders due to the still unanswered questions about its scandal with diesel emissions.
The carmaker announced on Friday it would release new dates for is earnings posting, formerly scheduled to take place on March 10, and for its gathering of shareholders that was set originally for April 21.
VW said that questions related to how the matter of the emissions scandal will be resolved left open what the company called in a prepared statement valuation calculations.
The automaker based in Germany said it was sticking to the plan to publish the findings of its own investigation into the responsibilities and background of the emissions scandal during the second half of the month of April.
It announced that when they are released, the operating earnings of the company, prior to items that are one-off would be at the same level of the prior year, within range of the expected amount of the 2015 fiscal year.
The automaker based in Wolfsburg, Germany admitted to equipping vehicles with software that allowed them to cheat the emissions tests for diesel vehicles in the United States.
The United States Environmental Protection Agency has sued the company over what it said were over 600,000 of the vehicles.
Volkswagen said that up to 11 million vehicles worldwide were outfitted with the software that enables each one to cheat on the emissions tests making them shows far less emissions being released.
The company announced as well that is was working to fix the vehicles and change the company’s culture so something similar was not to take place again. The Jones Day law firm in the U.S. is carrying out an investigation into the people involved in making the decisions to cheat.
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