Fiat Chrysler Automobiles N.V. (NYSE: FCAU) Investor Securities Class Action Lawsuit 12/02/2019

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Company Name(s): 
Fiat Chrysler
Case Name: 
Fiat Chrysler Shareholder Class Action Lawsuit 12/02/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: FCAU
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/02/2019
Class Period Begin: 
02/26/2016
Class Period End: 
11/20/2019
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
01/31/2020
Summary: 

An investor in shares of Fiat Chrysler Automobiles N.V. (NYSE: FCAU) filed a lawsuit in the U.S. District Court for the Easter District of New York over alleged violations of Federal Securities Laws by Fiat Chrysler Automobiles N.V. in connection with certain allegedly false and misleading statements made between February 26, 2016 and November 20, 2019.

On November 20, 2019, General Motors Company ("GM") filed a federal racketeering lawsuit against Fiat Chrysler Automobiles N.V. and its former executives, accusing Fiat Chrysler Automobiles N.V. of bribing United Auto Workers ("UAW") officials to receive more favorable terms in labor negotiations. Specifically, GM alleged that Fiat Chrysler "corrupted" collective bargaining agreements between GM and UAW in 2009, 2011 and 2015 by paying millions in dollars in bribes, and that the alleged scheme was authorized at the highest levels of Fiat Chrysler, including the Company's late Chief Executive Officer Sergio Marchionne.
Shares of Fiat Chrysler Automobiles N.V. (NYSE: FCAU) declined from $16.25 per share on November 12, 2019 to as low as $14.67 per share on December 2, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Fiat Chrysler Automobiles N.V. (NYSE: FCAU) common shares between February 26, 2016 and November 20, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 26, 2016 and November 20, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Fiat Chrysler Automobiles N.V. employed a bribery scheme to obtain favorable terms in its collective bargaining agreement with International Union, United Automobile, Aerospace and Agricultural Implement Workers of America, that high-ranking Fiat Chrysler Automobiles N.V. official were aware of and authorized the scheme, and that due to the foregoing, defendants’ statements about Fiat Chrysler Automobiles N.V.’s receivables, business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.