Scott+Scott files securities class action on behalf of the Dutch foundation Fiat Chrysler Investors Recovery Stichting against Stellantis for allegedly misinforming investors about the use of illegal vehicle software. Investors may be eligible for compensation and can join the class action claim.
AMSTERDAM, The Netherlands, 28 August 2024 — The non-profit foundation Fiat Chrysler Investors Recovery Stichting (“FCIRS”) today filed a class action lawsuit against Fiat Chrysler’s legal successor Stellantis, as the automobile manufacturer for years has allegedly cheated regulators and the broader public in relation to the emission testing.
According to the lawsuit, Fiat Chrysler from at least 2014 until 2017 failed to disclose that it had installed illegal software in their vehicles which was designed to greenwash vehicle emissions, and as a result, significantly harmed investors buying and/or holding Fiat Chrysler shares traded on the Milan stock exchange.
Due to Fiat Chrysler’s failure to disclose this information earlier, the company caused substantial loss to these investors. Shareholders may be entitled to be compensated by the legal successor of Fiat Chrysler, Stellantis.
“This emission scandal was hidden by Fiat Chrysler for years and has impacted thousands of investors. It is overdue that the car manufacturer is being held accountable through this class action,” said Flip Schreurs, the Chairman of the foundation.
“We stand with FCIRS and are looking forward to bringing this lawsuit on behalf of the foundation representing investors who were misled by Fiat Chrysler and, as a result, suffered losses,” said Jan-Willem de Jong, partner at the U.S. and EU-based law firm Scott+Scott’s Amsterdam office and litigation counsel for the foundation.
Investors who bought and/or held shares in Fiat Chrysler on the Mercato Telematico Azionario (MTA) stock exchange in Milan (Italy) during the period 13 October 2014 to 23 May 2017 may have suffered losses as a result of these disclosure failures and are potentially eligible to join the claim by visiting the following website: https://www.fiatchryslerinvestorsrecovery.com/registration