Anyone who incurred a loss as a result of this misconduct can join the suit:
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Stellantis designs, engineers, manufactures, distributes, and sells such well known vehicle brands as Maserati, Alfa Romeo, Jeep, Dodge, Ram, Chrysler, Fiat, Peugeot, and Vauxhall, but shareholders claim they were sold a lemon.
In early 2024, Stellantis painted a rosy outlook for the expected revenue for the full year 2024. Executives forecasted double-digit adjusted operating, citing Stellantis’ reduction of inventory levels, pricing improvements, and the expansion of its product offering, On a conference call in February 2024, Stellantis’ CEO Carlos Tavares assured investors that , “We are able to ramp up. We are ready for this competition, and we are gaining significant volume in '23. We expect to gain more volume in '24.”
The wheels came off in July 2024, when Stellantis announced its first half 2024 financial results, which included a fourteen percent drop in net revenues and a whopping forty-eight percent drop in net profits. Analysts and the market reacted quickly, and the price of Stellantis’ common stock declined dramatically.
Shareholders have filed a class action lawsuit seeking damages for the money they lost as a result of Stellantis’ misinformation.
