The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Fiat Chrysler Automobiles N.V...
17 Januar 2020 - 6:00PM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of investors that acquired Fiat
Chrysler Automobiles N.V. (“Fiat” or the “Company”) (NYSE: FCAU)
securities between February 26, 2016 and November 20, 2019,
inclusive (the “Class Period”). Fiat Chrysler investors have until
January 31, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On November 20, 2019, General Motors Company (“GM”) filed a
federal racketeering lawsuit against Fiat and its former
executives, accusing Fiat of bribing United Auto Workers (“UAW”)
officials to receive more favorable terms in labor negotiations.
The lawsuit alleged that the scheme was authorized at the highest
levels of Fiat Chrysler, including the Company’s late Chief
Executive Officer Sergio Marchionne.
On this news, Fiat’s stock price fell $0.58 per share, or nearly
4%, to close at $15.00 per share on November 20, 2019.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: (1) that Fiat 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; (2) that high-ranking Fiat officials
were aware of and authorized the scheme; and (3) that due to the
foregoing, defendants' statements about Fiat's receivables,
business, operations, and prospects, were materially false and
misleading and/or lacked a reasonable basis at all relevant
times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Fiat securities during the Class Period, you
may move the Court no later than January 31, 2020 to ask the
Court to appoint you as lead plaintiff. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you purchased Fiat securities, have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200117005066/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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