securities regulators because its stock price rose nearly 5% on Tuesday, the day the bogus statement was officially issued. The fake release could land Volkswagen in trouble with U.S. "We might be changing out our K for a T, but what we aren't changing is this brand's commitment to making best-in-class vehicles for drivers and people everywhere," Scott Keogh, president and CEO of Volkswagen of America, said in the release. On Tuesday, the company emailed to reporters a press release that quoted its CEO announcing the fake change: In falsely announcing a name change, the company went beyond telling reporters that its news release was legitimate. The company's fake news release, leaked on Monday and then repeated in a mass e-mail to reporters Tuesday, resulted in articles about the name change in multiple media outlets, including The Associated Press. The scandal cost Volkswagen $35 billion (30 billion euros) in fines and civil settlements and led to the recall of millions of vehicles. The software reduced nitrogen oxide emissions when the cars were placed on a test machine but allowed higher emissions and improved engine performance during normal driving. In that scandal, Volkswagen admitted that about 11 million diesel vehicles worldwide were fitted with the deceptive software. Volkswagen's intentionally fake news release, highly unusual for a major public company, coincides with its efforts to repair its image as it tries to recover from a 2015 scandal in which it cheated on government emissions tests and allowed diesel-powered vehicles to illegally pollute the air. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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