Fiat Chrysler Automobiles NV (NYSE:FCAU) has been taken to court under a class action lawsuit which is being handled by Lundin Law PC. The lawsuit is all about possible violations of federal securities laws by FCA which took place between October 29, 2014, and July 18, 2016. According to the complaint, Fiat made false and misleading statements about its business and operations. It did not disclose material facts throughout the Class Period which may have resulted in severe losses for investors who purchased or otherwise acquired shares during that time.
The Company misrepresented its growth reports on purpose. Vehicle sales numbers of its U.S. subsidiary FCA US LLC were inflated to indicate show growth with its monthly car sales growth (on a year-over-year basis). Apparently, the company acknowledged the filing of a lawsuit against FCA US LLC on January 15, 2016. The news has not done any good to the Fiat shares whose value has significantly dropped something that the investors are not taking kindly.
What next for the investors that may have incurred losses?
According to Lundin Law PC, investors that have suffered any losses more than $100,000 have been advised to contact the firm before September 27, 2016. There is also an attorney representation, but for anyone to participate in this class action lawsuit, a class must be certified, but so far no class has been certified. Nonetheless, it is also allowed to be an absent class member. Representation by Brian Lundin, Esquire, of Lundin Law PC requires one to make contact with them on 888-713-1033, or on email at firstname.lastname@example.org.
There is optimism that the Lundin Law PC which was founded by Brian Lundin will deliver given its competency in securities’ litigation. The firm which is based in Los Angeles has the best interest of investors and shareholders at heart and is committed to upholding their rights. Its attorneys are equally competent in the representation of the investors.