NEW YORK, Jan. 23, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Fiat Chrysler Automobiles N.V. (“Fiat Chrysler” or the “Company”) (NYSE:FCAU) of the federal securities class action lawsuit filed against the Company and certain officers to seek the role of lead plaintiff.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Fiat Chrysler securities between October 13, 2014 and January 11, 2017 (the “Class Period”). The case, Ross v. Fiat Chrysler Automobiles N.V. et al, No. 1:17-cv-00418, was filed on January 19, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company’s slow completion rates for recalls, slow or inadequate notifications to regulators and consumers, and faulty approaches to addressing safety issues and improper actions by dealers were not in compliance with federal laws and regulations; (ii) the Company was illegally using hidden software to allow excess diesel emissions to go undetected; and (iii) as a result, the Company’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Specifically, on January 12, 2017, the U.S. Environmental Protection Agency (“EPA”) announced that Fiat Chrysler was illegally using hidden software to allow excess diesel emissions to go undetected. The EPA and the California Air Resources Board stated that they believe the Company’s undeclared auxiliary emissions control software allowed vehicles to generate excess pollution in violation of the law and that each agency issued notices of violation.
On this news, Fiat Chrysler’s share price fell from $11.09 per share on January 11, 2017 to a closing price of $9.95 on January 12, 2017 —a $1.14 or a 10.3% drop.
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Take Action
If you invested in Fiat Chrysler common stock, options or bonds between October 13, 2014 and January 11, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/FCAU. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Fiat Chrysler’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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