March 10, 2020
Bernstein Liebhard LLP announced today that the court appointed the Firm as lead counsel in a securities class action lawsuit pending in the United States District Court for the Eastern District of New York on behalf of those who purchased the securities of Fiat Chrysler Automobiles N.V., Inc. (“Fiat” or the “Company”) (NYSE: FCAU) between February 26, 2016 and November 20, 2019, inclusive (the “Class Period”).
According to the initial complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) 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) high-ranking Fiat official were aware of and authorized the scheme; and (3) 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.
On November 20, 2019, General Motors filed a racketeering lawsuit against Fiat in the Eastern District of Michigan for damages caused by a bribery scheme perpetuated by the UAW and Fiat.
On this news, shares of Fiat fell $0.58 per share or nearly 3.72% to close at $15.00 per share on November 20, 2019.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for twelve consecutive years.
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Stephanie M. Beige
Bernstein Liebhard LLP