Volkswagen Tried to Play an April Idiot’s Prank. Now, It is in Bother With the SEC.

The automaker had joked about altering its title to mirror its foray into the electrical car market.

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A joke made by German automaker Volkswagen has prompted an inquiry by the SEC, the New York Occasions experiences. 

Within the days main as much as April Idiot’s Day, the carmaker introduced that it will change its title to Voltswagen — an indication meant to reinforce its dedication to creating electrical automobiles

“We all know, 66 is an uncommon age to vary your title, however we have all the time been younger at coronary heart,” Volkswagen’s Twitter account wrote in a now-deleted tweet on March 30. “Introducing Voltswagen. Much like Volkswagen, however with a renewed deal with electrical driving. Beginning with our all-new, all-electric SUV the ID.4 — obtainable at this time.”

Associated: Analysts Say Volkswagen Might Overtake Tesla Very Quickly

Scott Keogh, CEO of Volkswagen Group of America, even tried to get in on the joke, noting at one level that “[Volkswagen] could change our Okay to a T, nevertheless it won’t change the model’s dedication to creating the perfect automobiles.”

However, because the Occasions notes, publicly listed firms, like Volkswagen, are usually not allowed to idiot their shareholders, even when they’re simply joking. Although Volkswagen of America ultimately admitted that the title change was made in jest, it was sufficient to get the SEC’s consideration. 

In Germany, the place Volkswagen is headquartered, there are additionally reportedly legal guidelines that require firms to be trustworthy with their shareholders. Nonetheless, a spokesperson for the nation’s inventory market regulator instructed the Occasions that there have been no plans examine the title change. 

The newspaper factors out that the automaker will not seemingly face a critical penalty even when the SEC concludes that it violated the legislation. Within the days following the prank, the value of Volkswagen’s shares purportedly stay unaffected and jumped despite the truth that the corporate had admitted the title change was a joke. 

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