| COMPANY |
Stellantis N.V. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-06196 |
| JUDGE |
The Hon. Jennifer H. Rearden |
| CLASS PERIOD |
February 15, 2024 through July 24, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS OCTOBER 15, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
On July 25, 2024, in a press release, Stellantis announced the company’s financial results for the first half of 2024, and revealed that the company’s “performance in the first half of 2024 fell short of our expectations, reflecting both a challenging industry context as well as our own operational issues.” On the corresponding earnings call held that same day, Stellantis’s Executive Director and CEO attributed the poor financial results to inventory issues and further added that Stellantis was experiencing pressure from a toughening pricing environment. On this news, the price of Stellantis common shares declined $1.94 per share, or approximately 9.9%, over multiple trading sessions, from a close of $19.60 per share on July 24, 2024, to close at $17.66 per share on July 26, 2024.
The complaint alleges that, during the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Stellantis had inventory levels that were too high, in part because it failed to produce the proper mix of vehicles; (2) Stellantis was operating in a toughening pricing environment; and (3) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.