Fiat Chrysler Automobiles N.V.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Fiat Chrysler Automobiles N.V. (“Fiat Chrysler” or the “Company”) (NYSE: FCAU) securities during the period from February 26, 2019 through November 20, 2019 (the “Class Period”). Investors have until January 31, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Fiat Chrysler failed to disclose that: (i) the Company 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 (“UAW”); and (ii) high-ranking Fiat Chrysler officials were aware of and authorized the scheme.
On November 20, 2019, General Motors (“GM”) filed a racketeering lawsuit against the Company for damages caused by a bribery scheme perpetuated by UAW and the Company. According to the lawsuit, the illegal activity was authorized by the high-level officers of the Company and helped the Company win union acceptance of cost concessions in 2011 and 2015. The lawsuit also alleged that the Company executives bribed UAW leaders to pressure GM into a merger with Fiat Chrysler. On this news, the price of Fiat Chrysler shares fell $0.58, or 3.7%, to close at $14.00 per share on November 20, 2019.
If you acquired Fiat Chrysler securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.