Volkswagen fined €1.2 million over 2023 financial forecast disclosure

Volkswagen announced an optimistic financial outlook for 2023, and its shares rose by more than 10% that day.

BaFin says the company should have promptly shared the information through a formal market notice, rather than only in a press release.

It fined Volkswagen €1.2 million, though the company can appeal.

The rule is meant to help investors get important information in time.