NEW YORK, Jan. 10, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP announce that a class action lawsuit has been filed against Fiat Chrysler Automobiles N.V. (“Fiat” or the “Company”) (NYSE: FCAU) and certain of its officers. The class action, filed in United States District Court, for the Eastern District of New York, and docketed under 20-cv-00202, is on behalf of a class consisting of investors who purchased or otherwise acquired publicly traded Fiat securities from February 26, 2016 through November 20, 2019, inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Fiat securities during the class period, you have until January 31, 2020 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Fiat, together with its subsidiaries, designs, engineers, manufactures, distributes, and sells vehicles, components, and production systems.
The Complaint alleges that the statements were materially false and misleading when made because they failed to disclose the following adverse facts which were known to defendants or recklessly disregarded by them as follows: Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company employed a bribery scheme to obtain favorable terms in its collective bargaining agreement with UAW; (ii) high-ranking Fiat officials were aware of and authorized the scheme; and (iii) as a result, Defendants’ statements about Fiat’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
On November 20, 2019, while the market was open, General Motors (“GM”) filed a racketeering lawsuit against Fiat in the Eastern District of Michigan styled as General Motors LLC, et al. v. FCA US LLC et al., Case No. 2:19-cv-13429-PDB-DRG, for damages caused by a bribery scheme perpetuated by UAW and the Company. According to the lawsuit, the illegal activity was authorized by the high-level officers of the Company, including Marchionne, and helped the Company win union acceptance of cost concessions in 2011 and 2015. The lawsuit also contended that Fiat executives bribed UAW leaders to pressure GM into a merger with Fiat.
On this news, shares of Fiat fell $0.58 per share, or 3.72%, to close at $15.00 per share on November 20, 2019, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby