Investor sues Chrysler, alleging vehicle flaws means lower stock returns

By Molly English-Bowers | Oct 2, 2015

An investor is suing Chrysler, alleging public misrepresentations or omissions of the company's value by the defendant.

Victor Pirnik, individually and on behalf of all others similarly situated, filed the lawsuit Sept. 11 in the U.S. District Court Southern District of New York against Fiat Chrysler Automobiles, Sergio Marchionne and Richard K. Palmer.

According to the complaint, the defendants' failure to disclose pertinent facts about vehicle flaws and recalls caused Pirnik to lose money after investing in Chrysler securities between Aug. 1, 2014 and July 24, 2015. The suit says had the plaintiff known of these flaws, he would not have made those investments.

Pirnik seeks redress for himself and members of the class under the Securities Exchange Act of 1934.

The lawsuit states the defendants knowingly or recklessly engaged in acts, transactions, practices and courses of business that amounted to fraud and deception.

The suit includes as defendants the chief executive officer and executive director of Chysler, Marchionne, and the chief financial officer, Palmer.

Pirnik seeks a certification this is a class action suit, damages paid to him and the class, interest, attorney fees and court costs, plus trial by jury. He is represented by attorneys Jeremy A. Lieberman, J. Alexander Hood and Mark Gorrie of Pomerantz in New York City, and Patrick V. Dahlstrom, of Pomerantz in Chicago.

U.S. District Court Southern District of New York case number 1:15-cv-07199-JMF.

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