• News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Sunday, August 3, 2025
  • Login
Auto Journal Africa
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Ask Autojorunal AI
No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
No Result
View All Result
Morning News
No Result
View All Result
Home Read a ride Cars/SUVs

Stellantis in hot water as shareholders’ lawsuit seeks damages after disappointing earnings

David Ijaseun by David Ijaseun
August 16, 2024
in Cars/SUVs, Premium
0
Stellantis

Stellantis

1.2k
SHARES
12.8k
VIEWS
Share on FacebookShare on Twitter

Stellantis, the global automotive giant formed from the merger of Fiat Chrysler and PSA Group, is facing a lawsuit from shareholders in the United States. The lawsuit, filed in Manhattan’s federal court, accuses Stellantis of misleading investors by concealing rising inventories and other financial weaknesses, which ultimately led to a significant drop in the company’s stock price.

According to the complaint, Stellantis allegedly kept its stock price artificially high throughout 2024 by issuing overly optimistic reports on its inventories, pricing power, new products, and operating margins. The truth emerged on 25 July when Stellantis reported a 40% decline in its first-half adjusted operating income, which fell to €8.46 billion ($9.28 billion). This figure was below the €8.85 billion analysts had anticipated.

READ ALSO

Nigerian government commends SAGLEV for local EV manufacturing breakthrough

Ferrari’s half-year 2025 sales hit 7,087 units

The announcement caused Stellantis‘ U.S.-listed shares to plummet by nearly 10%, dropping $1.94 to $17.66 over two trading days. The company’s adjusted operating income margin also slipped below its target for the year, raising further concerns among investors.

“This lawsuit is without merit, and the company intends to vigorously defend itself,” Stellantis stated in an email to Reuters. The automaker’s CEO, Carlos Tavares, and CFO, Natalie Knight, are also named as defendants in the case.

Stellantis, which boasts a portfolio of 14 brands including Jeep, Dodge, Peugeot, and Maserati, has not been immune to industry challenges. Last week, the company announced plans for up to 2,450 layoffs at its suburban Detroit truck assembly plant, where production of the Ram 1500 Classic truck is set to end.

The lawsuit seeks unspecified damages for shareholders who purchased Stellantis stock between 15 February and 24 July 2024. Legal analysts note that such lawsuits are common in the U.S. following unexpected stock price declines. Stellantis shares closed at $15.84 on Thursday, up 1.7%.

The case is filed under Long v Stellantis NV et al, in the U.S. District Court, Southern District of New York, No. 24-06196.

Read more on Italy eyes Chinese investments to revive defunct Stellantis brands

Tags: HeadlineStellantis

Related Posts

Saglev EV
Africa

Nigerian government commends SAGLEV for local EV manufacturing breakthrough

August 3, 2025
Ferrari Purosangue
Cars/SUVs

Ferrari’s half-year 2025 sales hit 7,087 units

August 3, 2025
Trucks on New E-Call Up System in Lagos
Africa

Lagos registers over 10,000 trucks with new E-call up system to ease Lekki traffic

August 3, 2025
Sinkhole in Gauteng Province
Africa

South Africa’s richest province at risk as illegal mining sinks roads and bridges

August 1, 2025
Nigeria’s auto future at risk without clear law, says AAAM
Africa

Nigeria’s auto future at risk without clear law, says AAAM

August 1, 2025
Aston Martin
Business

Porsche, Aston Martin raise U.S. prices as 15% tariffs hit

August 1, 2025
Next Post
Ford recalls 85,000 Explorer SUVs over fire concerns

Ford recalls 85,000 Explorer SUVs over fire concerns

POPULAR NEWS

Inferno at Toyota 1000 Desert Race consumes 49 cars

Inferno at Toyota 1000 Desert Race consumes 49 cars

July 3, 2023
Mobius Motors

Mobius Motors: Rising taxes, competition ends Kenyan SUV maker’s journey

August 7, 2024
Autojournal car race

Get ready for the biggest RACE show this December in Nigeria

August 12, 2024
From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

October 25, 2024
Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

August 22, 2023

EDITOR'S PICK

Audi Activesphere Concept

Here are six things to know about the Audi Activesphere concept car

January 27, 2023
Tesla Cybertruck recall

Tesla recalls 2,400 Cybertrucks over power loss risk, sixth recall this year

November 14, 2024
Indian armed forces and Somali pirates

How Indian army defeated Somali pirates in 40 hours battle to rescue hijacked vessel

March 18, 2024
Project Titan: How the Apple Car dream started and ended within 10 years

Project Titan: How the Apple Car dream started and ended within 10 years

March 1, 2024

About

Auto Journal Africa is the leading online and print magazine for automobiles in Africa.

Follow us

Recent Posts

  • Nigerian government commends SAGLEV for local EV manufacturing breakthrough
  • Ferrari’s half-year 2025 sales hit 7,087 units
  • Lagos registers over 10,000 trucks with new E-call up system to ease Lekki traffic
  • South Africa’s richest province at risk as illegal mining sinks roads and bridges

Links

  • Privacy Policy
  • About Us
  • Contact Us
  • News
  • Reviews
  • Events
  • Tools
  • For Sale

© 2023 Auto Journal

No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa

© 2023 Auto Journal

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In