Fiat Chrysler Automobiles N.V.
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Fiat Chrysler Automobiles N.V.’s (FCAU) Accused of Engaging in Bribery Scheme
According to the complaint for alleged violations of the Securities Exchange Act of 1934 between February 26, 2016 and November 20, 2019, in February 2016, Fiat Chrysler Automobiles N.V.’s (FCAU) filed its 2015 Form 20-F, highlighting the positive opportunities provided for its employees in its new collective bargaining agreement with International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”). In reference to the Company’s Code of Conduct, the form stated that “[Fiat] is committed to complying fully with all applicable laws, including anti-bribery,” which Fiat reaffirmed in its 2016 Form 20-F. Then, on June 26, 2017, the FBI filed an indictment against Fiat’s former labor relations chief for improperly funneling money to UAW officials. In response, Fiat claimed “these egregious acts were neither known to nor sanctioned by [Fiat]” and continued to insist the Company was a victim of the wrongdoing in Fiat’s 2017 and 2018 Form 20-F’s. Despite Fiat’s claims, on November 20, 2019, General Motors (“GM”) filed a racketeering lawsuit against Fiat alleging that high-level Fiat executives had bribed UAW leaders to win cost concessions in 2011 and 2015 and to gain UAW assistance in pressuring GM into a merger with Fiat. On this news, Fiat’s shares fell to close at $15 and continues to decline.