The lawsuit has named Stellantis CEO Carlos Tavares and CFO Natalie Knight as defendents
Stellantis 's operating income plummeted by 40% during the first half of 2024. Shareholders claim Stellantis execs overstated assessments before releasing financial results. CEO Carlos Tavares has warned that unprofitable group brands may face elimination. Shareholders have taken Stellantis to court in the Southern District of New York, accusing the automaker of pulling a fast one by hiding surging inventories and other flaws.
Read: Stellantis US Sales Fall 21%, Rolls Out $2,000 Incentive To Stop The Bleeding The lawsuit alleges that Stellantis artificially inflated its stock price throughout much of 2024 by repeatedly making “overwhelmingly positive” assessments about inventories, pricing power, new products, and operating margin. When its financial results were posted, it was revealed that adjusted operating income had fallen 40% to €8.46 billion . Stellantis’s stock price fell over 7% on July 25.
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