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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Fiat Chrysler Automobiles N.V.    FCA   NL0010877643

FIAT CHRYSLER AUTOMOBILES N.V.

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

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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


Stocks mentioned in the article
ChangeLast1st jan.
FIAT CHRYSLER AUTOMOBILES N.V. -0.67% 10.706 Delayed Quote.-18.86%
VOLKSWAGEN AG -0.97% 137.08 Delayed Quote.-22.22%
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Financials
Sales 2020 85 613 M 101 B 101 B
Net income 2020 -800 M -948 M -948 M
Net cash 2020 475 M 562 M 562 M
P/E ratio 2020 -27,5x
Yield 2020 -
Capitalization 16 853 M 20 001 M 19 966 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,16x
Nbr of Employees 191 752
Free-Float 53,6%
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Technical analysis trends FIAT CHRYSLER AUTOMOBILES N.V.
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TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 12,79 €
Last Close Price 10,71 €
Spread / Highest target 171%
Spread / Average Target 19,5%
Spread / Lowest Target -39,3%
EPS Revisions
Managers
NameTitle
Michael Mark Manley President, Chief Executive Officer & Director
John Jacob Philip Elkann Chairman
Richard Keith Palmer Chief Financial Officer & Executive Director
Harald J. Wester Chief Technology Officer
Andrea Agnelli Non-Executive Director
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