NEW YORK, Sept. 23, 2016 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, reminds investors of class action against Fiat Chrysler Automobiles N.V. (“FCA” or the “Company”) (NYSE: FCAU ). The class is on behalf of a class consisting of all persons or entities who purchased FCA from October 29, 2014 through July 18, 2016, inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
Fiat Chrysler Automobiles, also known as FCA, is an Italian controlled multinational corporation and is currently the world’s seventh-largest auto maker. FCA sells vehicles in the United States through its U.S. subsidiary, FCA US LLC ("FCA US"), previously Chrysler, LLC.
The complaint alleges that throughout the Class Period the defendants made false and misleading statements and failed to disclose material adverse facts about FCA's business and operations to its investors. Specifically, the defendants misrepresented the FCA's development by persistently inflating the numbers of FCA's vehicle sales and deceitfully hyping FCA’s streak of U.S. monthly vehicle sales growth.
The complaint elaborates that true details of FCA's business practices came to light on January 12, 2016, when an FCA-affiliated dealer filed a lawsuit. This lawsuit accused FCA US of paying car dealers to unsuitably mark their unsold vehicles as sold, to inflate their sales numbers and then having the dealers reverse those falsified sales the next month. Following this news, FCA's common stock dropped $0.66 per share, or more than 8%, from a closing price of $8.19 per share on January 12, 2016 to close at $7.53 per share on January 14, 2016.
On July 18, 2016, various media outlets reported that the Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") were both investigating FCA’s sales practices. On that same day, FCA announced that it was cooperating with the investigations. Following this news, FCA's common stock dropped $0.19 per share, or approximately 3%, from a closing price of $6.75 per share on July 15, 2016 to close at $6.56 per share on July 19, 2016.
Then, on July 26, 2016, FCA announced that it had revised the way it reports monthly U.S. vehicle sales, and admitted that its “75-month streak of U.S. monthly vehicle sales growth” was incorrect and really ended at 40 months in September 2013.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action please visit the firm’s site: http://www.bgandg.com/fca or contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com . Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Banco Bradesco you have until September 27, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
