BENSALEM, Pa.--(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 ” or the “Company”) (NYSE: FCAU) securities between February 26, 2016 and November 20, 2019, inclusive (the “Class Period”). Fiat investors have until January 31, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Fiat investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
If you purchased Fiat securities, 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 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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