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Europe's biggest carmaker released its most detailed account yet
late on Wednesday of the events leading up to the revelation
last September that it had cheated U.S. tests, which at the time
unleashed a scandal that caused the CEO's resignation and wiped
billions off its market value.
Volkswagen issued the statement to reject shareholder
accusations that it did not inform them of the looming problems
in time, causing them massive losses.
Shares in Volkswagen were down 1.9 percent at 113.55 euros by
0824 GMT, at the bottom of a flat German blue-chip index <.GDAXI>.
"VW's firm rejection of emissions risk disclosure violations and
detailed account of the sequence of events reduce -- but do not
remove -- the risk of shareholder suit liabilities," Exane BNP
Paribas analyst Stuart Pearson wrote in a note.
He kept his "outperform" rating on the stock and raised his
target price by 2 euros to 138 euros, saying Exane was trimming
its legal liability estimate by 1 billion euros ($1.1 billion)
to 10.7 billion euros as a result.
(Reporting by Georgina Prodhan; Editing by Maria Sheahan)
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