LOS ANGELES, Jan. 30, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors of the upcoming January 31, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Fiat Chrysler Automobiles N.V. (“Fiat” or the “Company”) (NYSE: FCAU) investors who purchased securities between February 26, 2016 and November 20, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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.
The complaint filed in this class action 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: (1) 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; (2) that high-ranking Fiat officials were aware of and authorized the scheme; and (3) 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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Fiat securities during the Class Period, you may move the Court no later than January 31, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.