A lawsuit was filed on behalf of investors in Fiat Chrysler Automobiles NV (NYSE:FCAU) shares over alleged securities laws violations and NYSE:FCAU investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/19/2016 -- The Shareholders Foundation announced that an investor, who purchased shares of Fiat Chrysler Automobiles NV (NYSE:FCAU), filed a lawsuit in Michigan over alleged violations of Federal Securities Laws by Fiat Chrysler Automobiles NV.
Investors who purchased shares of Fiat Chrysler Automobiles NV (NYSE:FCAU) have certain options and for certain investors are short and strict deadlines running. Deadline: September 27, 2016. NYSE:FCAU investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff alleges on behalf of purchasers of Fiat Chrysler Automobiles NV (NYSE:FCAU) common shares between October 29, 2014 and July 18, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 29, 2014 and July 18, 2016 the defendants misrepresented the Company's growth by purposefully inflating FCA's vehicle sales numbers and falsely touting the Company's streak of U.S. monthly vehicle sales growth (on a year-over-year basis).
As detailed in the complaint, the truth about Fiat Chrysler Automobiles NV's business practices began to surface on January 12, 2016, when an Fiat Chrysler Automobiles NV -affiliated dealer filed a lawsuit accusing Fiat Chrysler Automobiles NV US of paying dealers to improperly inflate vehicle sales numbers by reporting unsold vehicles as sold and then reversing those fictional sales during the following month.
On July 18, 2016, several news outlets reported that the Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") were investigating the Company's sales practices. On that same day, Fiat Chrysler Automobiles NV issued a press release confirming that it was cooperating with an SEC investigation into Fiat Chrysler Automobiles NV's reporting of vehicle sales to "end customers" in the U.S., and that the DOJ was also investigating.
On July 26, 2016, Fiat Chrysler Automobiles NV announced that it had revised the way it reports monthly U.S. vehicle sales – revealing that its much publicized 75-month streak of U.S. monthly vehicle sales growth (on a year-over-year basis) actually ended at 40 months in September 2013.
Those who purchased shares of Fiat Chrysler Automobiles NV have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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