Investors Sue Volkswagen for Stock Drop

Consumers had already sued Volkswagen AG over the emission-test scandal when what may have been the first shareholder case was filed last week.

The German carmakerwas accused in a case in federal court in Alexandria, Virginia, of scheming to defraud investors who say they paid artificially inflated prices for the company’s foreign shares while it cheated on vehicle emissions tests.

A Michigan pension fund alleges that holders of the company’s American depositary receipts lost hundreds of millions of dollars. The receipts fell 28 percent in the week after the scandal became public.

ADRs allow U.S. investors to buy shares in ...