In re Stellantis N.V. Securities Litigation (formally known as In re Fiat Chrysler Automobiles N.V. Securities Litigation)
Bernstein Liebhard announces a $5 million settlement of the securities fraud class action entitled In re Stellantis N.V. Securities Litigation (formally known as In re Fiat Chrysler Automobiles N.V. Securities Litigation), No. 1:19-cv-06770 (EK) (MMH) (E.D.N.Y.). On October 15, 2021, the Court preliminarily approved the Settlement and scheduled a final settlement hearing for February 17, 2022. If you purchased Fiat Chrysler Automobiles, N.V. (“FCA”) or Stellantis N.V. (“Stellantis”) common stock during the Class Period (February 26, 2016 through November 20, 2019), information about how to submit a claim, the Settlement, and Settlement Class Members’ rights can be found at the website www.panitzafiatchryslerseclitigation.com.
Bernstein Liebhard serves as Lead Counsel on behalf of the Lead Plaintiff, Nicholas S. Panitza, and the putative class. Lead Plaintiff filed an amended complaint on June 1, 2020 alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”), and Rule 10b-5 promulgated thereunder, against FCA, Roland Iseli and Alessandro Baldi, co-executors of the estate of Sergio Marchionne, Michael Manley, and Richard Palmer. The amended complaint alleged that FCA violated the federal securities laws by inter alia, misrepresenting to investors that the company was a victim of a bribery scheme that was carried out by former FCA employees involving the United Auto Workers Union (“UAW”), and by fraudulently denying that the bribes had any effect on the 2015 collective bargaining agreement entered into between FCA and the UAW. Lead Plaintiff claimed that these misrepresentations caused investors to pay inflated prices for FCA and Stellantis common stock purchased during the Class Period.
On August 24, 2020, the Defendants filed a motion to dismiss the amended complaint. The motion to dismiss was fully briefed at the time the parties agreed to the settlement.
On January 16, 2021, FCA merged with Peugeot S.A., leaving FCA as the surviving company. On January 17, 2021, FCA changed its name to Stellantis N.V. (“Stellantis”). On March 3, 2021, the Parties agreed to a settlement in principle to release all claims against Defendants in return for a cash payment of five million dollars ($5,000,000) for the benefit of the Settlement Class.
Full copies of the Stipulation and Agreement of Settlement, the Preliminary Approval Order, and the Internet Notice and Claim Form are available by clicking the links above or at www.panitzafiatchryslerseclitigation.com.