Fiat Chrysler Automobiles N.V. Class Action Lawsuit
- Company Name
- Fiat Chrysler Automobiles N.V.
- Stock Symbol
- Class Period
- February 26, 2016 to November 20, 2019
- Motion Deadline
- January 31, 2020
- Eastern District of New York
On December 2, 2019, the Fiat Chrysler Automobiles N.V. class action lawsuit was filed charging Fiat and certain of its officers with violations of the Securities Exchange Act of 1934. The Fiat class action lawsuit was commenced in the Eastern District of New York on behalf of purchasers of Fiat publicly traded securities between February 26, 2016 and November 20, 2019 (the “Class Period”) and is captioned Kong v. Fiat Chrysler Automobiles N.V., et al., No. 19-cv-06770.
Fiat, together with its subsidiaries, designs, engineers, manufactures, distributes and sells vehicles, components and production systems.
The Fiat class action lawsuit alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding Fiat’s business and operations, including that Fiat had employed a bribery scheme to obtain favorable terms in its collective bargaining agreement with the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) and that high-ranking Fiat officials were aware of and authorized the scheme. As a result of this information being withheld from the market, Fiat securities traded at artificially inflated prices during the Class Period, with the price of Fiat’s shares reaching a high of more than $24 per share.
Then on November 20, 2019, General Motors filed a racketeering lawsuit against Fiat in the Eastern District of Michigan for damages caused by the bribery scheme perpetuated by Fiat and the UAW. According to the lawsuit, the illegal activity was authorized by high-level officers of Fiat and helped Fiat win union acceptance of cost concessions in 2011 and 2015. The lawsuit also alleged that Fiat executives bribed UAW leaders to pressure General Motors into a merger with Fiat. On this news, Fiat shares fell nearly 4% to close at $15 per share on November 20, 2019.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Fiat publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Fiat class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the Fiat class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fiat class action lawsuit. An investor’s ability to share in any potential future recovery of the Fiat class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Fiat class action lawsuit or have questions concerning your rights regarding the Fiat class action lawsuit, please provide your information here or contact counsel, Brian E. Cochran of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Fiat class action lawsuit must be filed with the court no later than January 31, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For six consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.