Fiat Chrysler Automobiles NV (NYSE: FCAU) Investor Securities Class Action Lawsuit 09/11/2015

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Company Name(s): 
Fiat Chrysler
Case Name: 
Fiat Chrysler Shareholder Class Action Lawsuit 09/11/2015
Case Status: 
Case Dismissed
Affected Securities
NYSE: FCAU
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/11/2015
Class Period Begin: 
10/13/2014
Class Period End: 
05/22/2017
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
11/10/2015
Case Dismissed: 
08/01/2017
Summary: 

September 5, 2017 - Defendants filed a motion to dismiss.

August 24, 2017 - The lead plaintiffs filed another amended complaint.

August 15, 2017 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Fiat Chrysler Automobiles NV (NYSE: FCAU) common shares between October 13, 2014 and May 22, 2017. The lead plaintiffs alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 13, 2014 and May 22, 2017.

August 1, 2017 - The court granted defendants' motion to dismiss plaintiffs' emissions-related claims with leave to amend.

October 5, 2016 - The court granted in part and denied in part defendants motion to dismiss.

May 2, 2016 - The court denied as moot the defendants' motion to dismiss filed on March 7, 2016.

April 28, 2016 - Defendants filed a motion to dismiss.

March 29, 2016 - The plaintiff filed a second amended complaint on behalf of investors who purchased Fiat Chrysler Automobiles NV (NYSE: FCAU) common shares between October 13, 2014 and October 28, 2015. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 13, 2014 and October 28, 2015.

March 7, 2016 - Defendants filed a motion to dismiss.

January 22, 2016 - The plaintiff filed an amended complaint.

November 10, 2015 - Lead plaintiff motion was filed.

September 11, 2015 - An investor in shares of Fiat Chrysler Automobiles NV (NYSE: FCAU) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Fiat Chrysler Automobiles NV in connection with certain allegedly false and misleading statements made between August 1, 2014 and July 24, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Fiat Chrysler Automobiles NV (NYSE: FCAU) common shares between August 1, 2014 and July 24, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 1, 2014 and July 24, 2015, made allegedly false and/or misleading statements and/or allegedly failed to disclose that flaws in Fiat Chrysler Automobiles NV’s manufacturing processes, supply chain, electronic security measures, and/or quality control rendered at least 3.1 million Chrysler cars and trucks unsafe to drive, that Fiat Chrysler Automobiles NV’s slow completion rates for recalls, slow or inadequate notifications to consumers, and faulty approaches to addressing safety issues and improper actions by dealers were not in compliance with federal laws and regulations, and that as a result of the foregoing, defendants’ statements about Fiat Chrysler Automobiles NV’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On June 28, 2015, Fiat Chrysler Automobiles NV (NYSE: FCAU) issued a recall of approximately 7,700 Jeep Grand Cherokee and Dodge Durango SUVs for potential braking and other problems, instructing the owners of the 65 vehicles known to have already been sold to immediately stop driving them.

On July 24, 2015, Fiat Chrysler Automobiles NV issued a recall affecting approximately 1.4 million Jeep Grand Cherokee and Dodge Durango SUVs after it was demonstrated that a security flaw in the vehicles’ systems rendered the vehicles vulnerable to remote electronic manipulation (“hacking”), including cutting the vehicle’s brakes, shutting down the vehicle’s engine, steering the vehicle off the road, and shutting down the vehicle’s electronics systems.

On Sunday, July 26, 2015, the National Highway Traffic Safety Administration (NHTSA) announced the imposition on the company of a record $105 million fine for recalls affecting more than 11 million vehicles. The NHTSA penalties are tied to legal violations in an array of areas, including misleading regulators, inadequate repairs, and failing to alert car owners in a timely manner. Fiat Chrysler Automobiles NV (NYSE: FCAU) must offer to buy back from customers more than 500,000 Ram pickup trucks and other vehicles in the biggest such action in U.S. history as part of a costly deal with safety regulators to settle legal problems in about two dozen recalls.

On September 4, 2015, Fiat Chrysler Automobiles NV issued a recall notice affecting approximately 7,810 Jeep Renegade SUVs, reflecting further hacking concerns.

On September 10, 2015, Fiat Chrysler Automobiles NV issued further recall notices affecting nearly 1.7 million recent-model Ram pickups, addressing faulty wiring harnesses, airbags, and steering components.