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Lawyers pounce on FCA

by David Zatz on

Class action lawyers Kessler Topaz Meltzer & Check, LLP are starting a class action lawsuit against FCA, claiming that the company and its executives failed to disclose recall and quality issues so that its financial statements were “false and misleading and and/or lacked and reasonable basis.”

The lawsuit affects those who bought Fiat or Fiat Chrysler stock after August 1, 2014 and before July 24, 2015.

Fiat Chrysler stock (FCAU) was under $9 per share when FCA was first formed in October 2014; it is now around $14, having fallen with the Volkswagen-Audi scandal. It has slowly been climbing back.

Over the last year, FCAU has been as low as $8.54 per share and as high as $17.08 per share. The recall debacle did not appear to affect the stock price at the time.

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