BENSALEM, Penn.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Fiat Chrysler Automobiles N.V. ("Fiat Chrysler" or the "Company") (NYSE: FCAU) between August 1, 2014 through July 24, 2015, inclusive (the “Class Period”). Fiat Chrysler investors have until November 10, 2015 to file a lead plaintiff motion. Investors who suffered losses of over $100,000 on their investment in Fiat Chrysler securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action.
On Sunday, July 26, 2015, the National Highway Traffic Safety Administration (NHTSA) announced an enforcement action and record $105 million fine imposed against Fiat Chrysler for the Company’s failure to adequately and timely address safety recalls affecting more than 11 million vehicles. The enforcement action comes after a July 2 public hearing at which NHTSA officials outlined problems with Fiat Chrysler’s execution of 23 vehicle safety recalls covering more than 11 million defective vehicles. Fiat Chrysler has admitted to violating the Safety Act in three areas: effective and timely recall remedies, notification to vehicle owners and dealers and notifications to NHTSA.
On this news, Fiat Chrysler shares fell 0.69, or 5%, to close on July 27, 2015 at $14.41 per share.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that : (1) flaws in Fiat Chrysler’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; (2) Fiat Chrysler’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, (3) as a result of the foregoing, Defendants’ statements about Fiat Chrysler’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Fiat Chrysler during the Class Period you may move the Court no later than November 10, 2015 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.