A securities class action has been filed in the USDC — S.D.N.Y. against Stellantis N.V. (STLAM; STLA) (“Stellantis” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Stellantis securities between February 15, 2024 and July 24, 2024, both dates inclusive (the “Class Period”).
Stellantis designs, engineers, manufactures, distributes and sells vehicles across five portfolios: (i) luxury vehicles under the Maserati brand; (ii) premium vehicles covered by Alfa Romeo, DS and Lancia brands; (iii) global sport utility vehicles under the Jeep brand; (iv) Case 1:24-cv-06196 Document 1 Filed 08/15/24 Page 4 of 24 5 American brands covering Dodge, Ram and Chrysler vehicles and (v) European brands covering Abarth, Citroën, Fiat, Opel, Peugeot and Vauxhall vehicles. 19. The Company centralizes design, engineering, development and manufacturing operations, to allow it to efficiently operate on a global scale. Stellantis supports its vehicle shipments with the sale of related service parts and accessories, as well as service contracts, worldwide. Stellantis makes retail and dealer financing, leasing and rental services available through its subsidiaries, joint ventures and commercial arrangements with third party financial institutions.
The claim arises on July 25, 2024, when Stellantis issued a press release announcing their first half 2024 financial results and disappointing near-term revenue outlook.
The complaint alleges that Defendants provided investors with material information regarding Stellantis’ expected revenue for the full year 2024. Defendants’ statements included, among other things, Stellantis’ reduction of inventory levels, pricing improvements, and expansion of its product offering thereby supporting Defendants’ decision to forecast double-digit adjusted operating income (AOI) margin in 2024, as well as positive industrial free cash flow. Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning inventory levels, pricing and market share stabilizations. This caused shareholders to purchase Stellantis’ securities at artificially inflated prices.
As a result, from a closing market price of $19.60 per share on July 24, 2024 to $17.66 per share on July 26, 2024.
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