9/27/2019, 7:12 PM (Source: TeleTrader)
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Fiat Chrysler to pay $40M for inflating sales figures

The United States Securities and Exchange Commission (SEC) on Friday ordered Fiat Chrysler Automobiles NV to pay $40 million for deceiving investors by inflating its monthly sales figures.

SEC says that between 2012 and 2016, the company’s American unit issued monthly press releases with incorrect numbers about new vehicle sales and bragged about a “streak” of constant monthly year-over-year sales growth.

The company said it has reviewed and refined its sales reporting procedures and is committed to strong control by federal authorities. The company will also have to pay up to €30 million in a tax bill because a court in the European Union on Tuesday rejected its appeal.

Breaking the News / TF