NEW YORK, Oct. 28, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Fiat Chrysler Automobiles N.V. ("Fiat Chrysler" or the "Company") (NYSE: FCAU), during the period between August 1, 2014 and July 24, 2015 inclusive. (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) flaws in the Company's manufacturing processes, supply chain, electronic security measures, and/or quality control rendered at least 3.1 million Chrysler cars and trucks unsafe to drive; (ii) the Company's 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 (iii) as a result of the foregoing, Defendants' statements about Chrysler's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On June 28, 2015, Fiat Chrysler 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.
Following this news, Fiat Chrysler shares dropped $1.01 or 6.48%, during intraday trading to trade at $14.58 on June 29, 2015.
On July 24, 2015, Chrysler 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.
Following this news, the Company's stock fell $0.39, or 2.5%, to close at $15.15 on July 24, 2015.
On Sunday, July 26, 2015, the NHTSA announced its imposition on the Company of a record $105 million fine in connection with the Company's handling of 23 previous recalls affecting more than 11 million vehicles. The NHTSA penalties were tied to violations in an array of areas, including misleading regulators, inadequate repairs, and failure to alert affected car owners in a timely manner.
Following this news, the Company's stock fell $0.74, or approximately 4.9%, to close at $14.41 on July 27, 2015.
On September 4, 2015, Chrysler issued a recall notice affecting approximately 7,810 Jeep Renegade SUVs, reflecting further hacking concerns.
Following this news, the Company's shares fell $0.27, or 1.9%, to close at $13.60 on September 4, 2015.
On September 10, 2015, Chrysler issued further recall notices affecting nearly 1.7 million recent-model Ram pickups, addressing faulty wiring harnesses, airbags, and steering components.
Following this news, shares of Marvell fell $1.71 or over 16%, to close at $8.84 on September 11, 2015.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Fiat Chrysler you have until November 10, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
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