id: 341, Created by George Scott, Scout
Fiat Chrysler Automobiles N.V.
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13 Oct 2014Class period Start
26 Jul 2016Class period End
09 Jan 2023Claim deadline
SEC v. FCA.US.
On September 27, 2019, the Commission issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order (the “Order”) against FCA US LLC (“FCA US”) and Fiat Chrysler Automobiles N.V. (collectively, the “Respondents”).
In the Order, the Commission found that from at least August 2012 to July 2016, FCA US, an automotive company, fraudulently misled investors about the number of new vehicles that it and its dealers sold each month to customers.
The Commission similarly found that beginning in September 2013, FCA US or its predecessor falsely touted that it continued to increase new vehicle sales every month on a year-over-year basis by reporting what it called a “streak” of uninterrupted sales growth. In order to maintain the purported growth streak, FCA US inflated monthly vehicle sales to customers by paying dealers to report fake sales, as well as manipulating other sales data in order to make vehicle sales appear better than they were. The Commission ordered the Respondents to pay, jointly and severally, a civil money penalty in the amount of $40,000,000 to the Commission. The Commission also created the Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the civil penalty paid can be distributed to harmed investors. The Fair Fund includes the $40,000,000 paid by the Respondents.
JND Legal Administration
+$40,000,000Total Settlement Amount