Faruqi & Faruqi, LLP, a prominent national securities law firm, is investigating potential claims against Stellantis N.V. (Stellantis or the Company) following a sharp decline in earnings. The firm is reminding investors of the October 15, 2024 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company. The lawsuit alleges that Stellantis and its executives violated federal securities laws by making false or misleading statements and failing to disclose important information about inventory levels, pricing, and market share stabilization efforts.
On July 25, 2024, Stellantis issued a press release announcing its financial results for the first half of 2024. The release reported a substantial drop in earnings, falling short of forecasts. The Company attributed this decline to weak margins and high inventory at its U.S. operations. In addition, Stellantis’s Chief Executive Officer, Carlos Tavares, indicated that the Company was prepared to sell underperforming brands in its portfolio, while Chief Financial Officer Natalie Knight disclosed the need to take “decisive actions to address operational challenges” in North America, including reducing production and prices for its vehicles.
Following this news, Stellantis’s stock price plummeted $1.51 per share, a decrease of 7.7%, closing at $18.09 per share on July 25, 2024. Investors who suffered losses exceeding $100,000 in Stellantis between February 15, 2024 and July 24, 2024 are encouraged to contact Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) to discuss their legal rights.
The court-appointed lead plaintiff in the class action lawsuit will be the investor with the largest financial stake in the relief sought by the class. This investor must be adequate and representative of the class members and will be responsible for overseeing the litigation on behalf of the class. Any member of the class can apply to the Court to serve as lead plaintiff through their chosen counsel or choose to remain an absent class member. Whether or not you choose to serve as lead plaintiff, your ability to share in any recovery is unaffected.
Faruqi & Faruqi, LLP is also encouraging anyone with information about Stellantis’s conduct to contact the firm, including whistleblowers, former employees, shareholders, and others. To learn more about the Stellantis class action, visit www.faruqilaw.com/STLA or contact Josh Wilson directly.
Faruqi & Faruqi, LLP is a leading national securities law firm with offices in New York, Pennsylvania, California, and Georgia. The firm has successfully recovered hundreds of millions of dollars for investors since its founding in 1995.
