RADNOR, PA --(Marketwired - August 22, 2016) - The law firm of Kessler Topaz Meltzer & Check, LLP announces that it has filed a shareholder class action lawsuit in United States District Court for the Eastern District of Michigan against Fiat Chrysler Automobiles N.V. (
Deadline Reminder: Shareholders who purchased FCA securities during the Class Period may, no later than September 27, 2016 , petition the Court to be appointed as a lead plaintiff representative of the class. For additional information, or to view a copy of the complaint, please visit https://www.ktmc.com/new-cases/fiat-chrysler-...-2016#join .
FCA is an international automotive group engaged in designing, engineering, manufacturing, distributing, and selling vehicles, components, and production systems. The Company's vehicles are produced for the mass market under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, and Ram brands and the SRT performance vehicle designation. The Company sells vehicles in the United States through its U.S. subsidiary, FCA US LLC ("FCA US").
The complaint alleges that throughout the Class Period the defendants made false and misleading statements and failed to disclose material adverse facts about the Company's business and operations to investors. Specifically, the defendants misrepresented the Company's growth by purposefully inflating FCA's vehicle sales numbers and falsely touting the Company's streak of U.S. monthly vehicle sales growth (on a year-over-year basis).
As detailed in the complaint, the truth about FCA's business practices began to surface on January 12, 2016, when an FCA-affiliated dealer filed a lawsuit accusing FCA US of paying dealers to improperly inflate vehicle sales numbers by reporting unsold vehicles as sold and then reversing those fictional sales during the following month. Following this news, shares of the Company's stock declined $0.66 per share, or over 8%, between January 12, 2016 and January 14, 2016.
Subsequently, on July 18, 2016, several news outlets reported, and FCA confirmed, that the Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") were investigating the Company's sales and reporting practices.
Finally, on July 26, 2016, the Company announced that it had revised the way it reports monthly U.S. vehicle sales - revealing that its much publicized 75-month streak of U.S. monthly vehicle sales growth (on a year-over-year basis) actually ended at 40 months in September 2013.
FCA shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 - 7706 or at info@ktmc.com .
FCA shareholders may, no later than September 27, 2016 , petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com .
CONTACT: Kessler Topaz Meltzer & Check, LLP Darren J. Check, Esq. D. Seamus Kaskela, Esq. Adrienne O. Bell, Esq. 280 King of Prussia Road Radnor, PA 19087 (888) 299-7706 (610) 667-7706 Email contact
