Stellantis N.V.
Case Overview
20 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 10/15/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Stellantis N.V. |
Court: | Court: Southern District of New York |
Case Number: | Case Number: 1:24cv06196 |
Class Period: | Class Period: 02/15/2024 - 07/24/2024 |
Ticker: | Ticker: STLA |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Stellantis N.V. (“Stellantis” or the “Company”) (NYSE: STLA) securities during the period of February 15, 2024 to July 24, 2024, inclusive (“the Class Period”). Investors have until October 15, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the lawsuit, Stellantis issued a press release on July 25, 2024, announcing its financial results for the first half of 2024. The Company reported a steep drop in earnings that fell below forecasts, citing weak margins and high inventory at its U.S. operations. In addition, Stellantis's Chief Executive Officer Carlos Tavares indicated that the Company was ready to dispose of underperforming brands in its portfolio, while Chief Financial Officer Natalie Knight disclosed the need to take "decisive actions to address operational challenges" in North America, including reducing production and prices for the Company's vehicles. Following this news, Stellantis's stock price fell over 7% the same day.
According to the lawsuit, Stellantis issued a press release on July 25, 2024, announcing its financial results for the first half of 2024. The Company reported a steep drop in earnings that fell below forecasts, citing weak margins and high inventory at its U.S. operations. In addition, Stellantis's Chief Executive Officer Carlos Tavares indicated that the Company was ready to dispose of underperforming brands in its portfolio, while Chief Financial Officer Natalie Knight disclosed the need to take "decisive actions to address operational challenges" in North America, including reducing production and prices for the Company's vehicles. Following this news, Stellantis's stock price fell over 7% the same day.