According to Kahn Swick & Foti, the automotive giant allegedly violated federal securities laws. If you invested in Stellantis between February and July 2024 you may be entitled to compensation. Here’s how you can take action by Oct. 15.
Investment alert Stellantis: class action lawsuit reveals possible wrongdoing
A new class action is putting Stellantis back in the spotlight in a negative way. At the moment, the Group has come sharply under indictment by Kahn Swick & Foti, LLC.
For those unaware, this is a law firm that is highly specialized in class action litigation. Specifically, it focuses more on practices related to corporate fraud and breaches of fiduciary duty by boards of directors of companies that are publicly traded. This law firm is involved in representing precisely individual investors but also institutions that believe they have suffered economic harm that has been caused by behavior deemed improper by companies. The work they do specializes in investigating the various mergers or the various acquisitions that allegedly caused situations that were not at all beneficial to shareholders. They also work to defend the rights of end consumers who have been victims of unfair business dealings, or even misled. The law firm branches out well in the United States, where it has a presence in New York, New Orleans, Delaware, and San Francisco.
Lack of transparency: Stellantis accused of keeping shareholders in the dark
But what exactly would have happened? According to information that has been reported by KSF, it appears that Stellantis and some of its executives decided not to provide major disclosures to investors, and in doing so, federal laws affecting securities would have been violated. This maneuver would have resulted in a serious mistake for all those who purchased shares during the period from February to July 2024.
Numbers right now are pretty clear, as the financial results for the first six months of the current year – which were released in July – demonstrated a situation quite different from what was expected. Only sharply declining revenues, steeply declining profits and the resulting negative impact of spare parts and restructuring costs were achieved. Subsequent to the announcement of these numbers, Stellantis’ stock price encountered a sharp loss, falling nearly two dollars in only two days.
the class action lawsuit against Stellantis has a deadline
What is necessary to do if one finds oneself in such situations? If a person has invested in Stellantis and has obviously suffered major losses during the period we have indicated, it is possible to file an application to immediately become a lead plaintiff in the class action. The deadline to submit the application is next October 15, and it is possible as of now to request more information and legal assistance that will be completely free of charge. To do so, one only needs to contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or by email (lewis.kahn@ksfcounsel.com).