The French-Italian car manufacturer Stellantis is in the USA been sued by several shareholders. The lawsuit, filed Thursday (local time) in a federal court in Manhattan, says Stellantis artificially inflated its stock price throughout much of 2024 by providing “overwhelmingly positive” assessments of inventory levels, pricing power, new products and operating profit margins have.
According to shareholders, the truth came to light on July 25, when Stellantis announced that adjusted operating profit in the first half of the year fell 40 percent to 8.46 billion euros, below the 8.85 billion euros expected by analysts have. The lawsuit filed seeks unspecified damages for Stellantis shareholders between February 15 and July 24, 2024.
The company’s U.S.-listed shares fell $1.94, or 9.9 percent, to $17.66 in the two trading days following the announcement. The automaker had no immediate comment. A lawyer for the shareholders also did not immediately respond to requests for comment. Stellantis shares closed in on Thursday new York with an increase of 1.7 percent at 15.84 dollars.