According to the SEC, Fiat Chrysler from 2012 to 2016 issued monthly press releases about U.S. sales that falsely reported new vehicle sales and falsely touted a 'streak' of uninterrupted monthly year-over-year sales growth.
Fiat Chrysler has agreed to pay $40 million over claims it misled investors about its reporting of monthly vehicle sales in recent years.
A row of Fiat Chrysler Automobiles 2017 Chrysler Pacifica minivan vehicles are displayed for sale at a car dealership in Moline, Illinois, on July 1, 2017.has agreed to pay $40 million over claims it misled investors about its reporting of monthly vehicle sales in recent years.after a yearslong investigation into the Italian-American automaker's reporting methodology of monthly U.S. sales. The company, according to the SEC, has agreed to pay the fine to settle the charges.
"The company has reviewed and refined its policies and procedures and is committed to maintaining strong controls regarding its sales reporting," the company said. "The settlement requires a payment of $40 million which will not have a material impact on the financial statements of the company."
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