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    STLA   NL00150001Q9

STELLANTIS N.V.

(STLA)
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Fiat Chrysler Automobiles N : to pay $9.5 million U.S. fine for misleading investors on emissions audit - SEC

09/28/2020 | 10:00pm EDT
FILE PHOTO: FILE PHOTO: A Fiat Chrysler Automobiles sign at the U.S. headquarters in Auburn Hills, Michigan

Fiat Chrysler will pay a $9.5 million (£7.4 million) civil penalty to settle allegations it misled investors by not disclosing that it conducted only a limited internal review of its compliance with emissions regulations, the top U.S. securities regulator said on Monday.

Fiat Chrysler, which did not admit or deny wrongdoing to resolve the Securities and Exchange Commission (SEC) probe, declined to comment on the fine that stems from the automaker's diesel emissions scandal.

The Italian-American automaker in January 2019 agreed to a settlement worth about $800 million to resolve claims from the U.S. Justice Department and California Air Resources Board (CARB) that it used illegal software that produced false results on diesel-emissions tests.

The SEC said in February 2016 that Fiat Chrysler said it conducted an internal audit that confirmed its vehicles complied with emissions regulations but did not sufficiently disclose the limited scope of its internal audit. At the time, engineers at the U.S. Environmental Protection Agency (EPA) and CARB had raised concerns to Fiat Chrysler about the emissions systems in some diesel vehicles.

Regulators in 2019 said Fiat Chrysler used "defeat devices" to cheat emissions tests in real-world driving.

The U.S. government has stepped-up enforcement of vehicle emissions rules after Volkswagen AG admitted in September 2015 to intentionally evading emissions rules and has now incurred more than $30 billion in penalties and other costs.

"At a time of heightened scrutiny of automakers' regulatory compliance, (Fiat Chrysler) provided misleading assurances to investors by not disclosing the limitations of its internal audit," Joel R. Levin, regional director of the SEC's Chicago office, said in a statement.

Fiat Chrysler said in July it was in talks to resolve an ongoing Justice Department criminal probe into the excess diesel emissions.

By David Shepardson and Lisa Lambert


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
STELLANTIS N.V. -1.00% 16.19 Delayed Quote.10.44%
VOLKSWAGEN AG -0.75% 205.5 Delayed Quote.34.82%
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Financials
Sales 2021 155 B 183 B 183 B
Net income 2021 7 511 M 8 913 M 8 913 M
Net cash 2021 15 479 M 18 369 M 18 369 M
P/E ratio 2021 6,81x
Yield 2021 4,04%
Capitalization 50 695 M 60 137 M 60 160 M
EV / Sales 2021 0,23x
EV / Sales 2022 0,19x
Nbr of Employees 204 000
Free-Float 63,7%
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Stellantis N.V. Technical Analysis Chart | STLA | NL00150001Q9 | MarketScreener
Technical analysis trends STELLANTIS N.V.
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Mean consensus BUY
Number of Analysts 22
Last Close Price 16,19 €
Average target price 20,05 €
Spread / Average Target 23,8%
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Managers and Directors
Carlos Tavares Chief Executive Officer & Executive Director
Richard Keith Palmer Chief Financial Officer
John Jacob Philip Elkann Chairman
Harald J. Wester Chief Engineering Officer
Henri de la Croix de Castries Senior Independent Non-Executive Director
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