An investigation for investors in NYSE:FCAU shares over potential securities laws violations by Fiat Chrysler Automobiles NV was announced and NYSE:FCAU stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/07/2016 -- An investigation for shareholders in Fiat Chrysler Automobiles NV shares over potential securities laws violations by Fiat Chrysler Automobiles NV was announced.
Shares of Fiat Chrysler Automobiles NV (NYSE:FCAU) declined to as low as $5.78 per share on February 9, 2016.
Investors who purchased shares of Fiat Chrysler Automobiles NV (NYSE:FCAU), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm focuses on whether a series of statements by Fiat Chrysler Automobiles NV regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
The plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 1, 2014 and July 24, 2015, made allegedly false and/or misleading statements and/or allegedly failed to disclose that flaws in Fiat Chrysler Automobiles' manufacturing processes, supply chain, electronic security measures, and/or quality control rendered at least 3.1 million Chrysler cars and trucks unsafe to drive, that Fiat Chrysler Automobiles' 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 that as a result of the foregoing, Defendants' statements about Fiat Chrysler Automobiles' business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On June 28, 2015, Fiat Chrysler Automobiles NV issued a recall of approximately 7,700 Jeep Grand Cherokee and Dodge Durango SUVs for potential braking and other problems, instructing the owners of the 65 vehicles known to have already been sold to immediately stop driving them.
On July 24, 2015, Fiat Chrysler Automobiles issued a recall affecting approximately 1.4 million Jeep Grand Cherokee and Dodge Durango SUVs 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 Sunday, July 26, 2015, the National Highway Traffic Safety Administration ("NHTSA") announced the imposition on the company of a record $105 million fine for recalls affecting more than 11 million vehicles. The NHTSA penalties are tied to legal violations in an array of areas, including misleading regulators, inadequate repairs, and failing to alert car owners in a timely manner. Fiat Chrysler Automobiles NV (NYSE:FCAU) must offer to buy back from customers more than 500,000 Ram pickup trucks and other vehicles in the biggest such action in U.S. history as part of a costly deal with safety regulators to settle legal problems in about two dozen recalls.
On September 4, 2015, Fiat Chrysler Automobiles issued a recall notice affecting approximately 7,810 Jeep Renegade SUVs, reflecting further hacking concerns.
On September 10, 2015, Fiat Chrysler Automobiles issued further recall notices affecting nearly 1.7 million recent-model Ram pickups, addressing faulty wiring harnesses, airbags, and steering components.
On September 29, 2015, the NHTSA accused the automaker of widely underreporting the number of deaths in accidents involving its vehicles. The revelation of the discrepancy, which NHTSA administrator Mark Rosekind called "significant", comes about two months after Fiat Chrysler Automobiles NV agreed to pay fines of up to $105 million for its failure to report recalls quickly and fix vehicles effectively.
On January 14, 2016, Fiat Chrysler Automobiles NV confirmed that a civil lawsuit was filed against FCA US LLC, the Company's U.S. division, alleging that FCA US LLC offered financial incentives to automobile dealers who falsified their vehicle sales reports.
Those who purchased shares of Fiat Chrysler Automobiles NV (NYSE:FCAU) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com