NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Fiat Chrysler Automobiles N.V. (NYSE: FCAU) securities between February 26, 2016 and November 20, 2019 (the “Class Period”). Investors have until January 31, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On November 20, 2019, General Motors Company (“GM”) filed a federal racketeering lawsuit against Fiat Chrysler and its former executives, accusing Fiat Chrysler of bribing United Auto Workers 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.
On this news, Fiat Chrysler’s stock price fell $0.58 per share, or 3.72%, to close at $15.00 per share on November 20, 2019.
The complaint, filed on December 2, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) 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) high-ranking Fiat official were aware of and authorized the scheme; and (3) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Fiat Chrysler securities during the Class Period, have information, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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