NEW YORK, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that acquired Fiat Chrysler Automobiles N.V. (“Fiat” or the “Company”) (NYSE: FCAU) securities between February 26, 2016 and November 20, 2019, inclusive (the “Class Period”).
All investors who purchased shares of Fiat Chrysler Automobiles N.V. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Fiat Chrysler Automobiles N.V., you may, no later than January 31, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Fiat Chrysler Automobiles N.V.
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The filed complaint 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:
- 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;
- that high-ranking Fiat officials were aware of and authorized the scheme; and
- 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.
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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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