Fiat Chrysler Investigated For Alleged Securities Fraud

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Fiat Chrysler Investigated For Alleged Securities Fraud

Fiat Chrysler Automobiles N.V. is being investigated for allegedly violating specific sections of the Securities Exchange Act of 1934 by issuing materially misleading information to the investing public pertaining to the company’s compliance with safety recalls.

In July, the National Highway Traffic Safety Administration announced an enforcement action and record $105 million fine imposed on Fiat Chrysler for the company’s failure to adequately and timely address safety recalls affecting over eleven million cars. The enforcement action was subsequent to a public hearing at which NHTSA officials addressed problems with Fiat Chrysler’s execution of twenty-three vehicle safety recalls covering over eleven million defective vehicles. The company admitted that it had violated the Safety Act in three areas: effective and timely recall remedies, notification to vehicle owners and dealers, and notifications to the NHTSA.

Fiat Chrysler’s stock began to fall after the news and closed on July 27 at $14.41 per share, down five percent.

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