RADNOR, Pa., Oct. 14, 2015 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Fiat Chrysler Automobiles N.V. (NYSE:FCAU) (“Fiat Chrysler” or the “Company”) on behalf of purchasers of the Company’s securities between August 1, 2014 and July 24, 2015, inclusive (the “Class Period”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or (610) 667 – 7706, or via e-mail at info@ktmc.com. For additional information about this lawsuit or to request information about this action online please visit http://www.ktmc.com/new-cases/fiat-chrysler-automobiles-nv.
The Complaint alleges that Fiat Chrysler and certain of its executive officers made a series of false and misleading statements during the Class Period, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the defendants are alleged to have made false and misleading statements and/or failed to disclose that: (i) flaws in the Company’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; (ii) the Company’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 (iii) 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.
As detailed in the complaint, on June 28, 2015, Fiat Chrysler announced a recall of certain 2015 Jeep Grand Cherokee and Dodge Durango vehicles because they “may have been inadvertently equipped with improperly heat-treated suspension components.” On this news, shares of the Company’s stock declined $1.06 per share, or 6.8%, to close on June 29, 2015 at $14.53 per share.
On July 24, 2015, Fiat Chrysler announced another recall of certain 2015 Jeep Grand Cherokee and Dodge Durango vehicles “after it was demonstrated that a security flaw in the vehicles’ systems rendered the vehicles vulnerable to remote electronic manipulation (‘hacking’), including cutting the vehicle’s brakes, shutting down the vehicle’s engine, steering the vehicle off the road, and shutting down the vehicle’s electronics systems.” On this news, shares of the Company’s stock declined $0.39, or 2.5%, to close at $15.15 per share on July 24, 2015.
On July 26, 2015, the National Highway Traffic Safety Administration (“NHTSA”) announced that it was imposing a record $105 million fine on the Company in connection with the Company’s handling of 23 previous recalls affecting more than 11 million vehicles. As detailed in the complaint, the penalties were tied to violations in an array of areas, including misleading regulators, inadequate repairs, and failure to alert affected car owners in a timely manner. On this news, shares of the Company’s stock declined $0.74 per share, or approximately 4.9%, to close at $14.41 per share on July 27, 2015.
Fiat Chrysler shareholders who purchased their securities during the Class Period may, no later than November 10, 2015, petition the Court to be appointed as a lead plaintiff of the class.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.