by Jonathan Stempel
NEW YORK (Reuters) – U.S. shareholders of Stellantis Inc have filed a lawsuit against the company, alleging that it was misled by the company, which allegedly concealed rising inventories before reporting disappointing results, sending its shares down.
The complaint, filed Thursday in Manhattan federal court, says Stellantis artificially inflated its stock price throughout much of 2024 by making “overwhelmingly positive” assessments of its inventory, new products and operating margin.
Shareholders said the reality was exposed when the group announced last month that its current operating profit had plunged by 40% in the first half.
“These lawsuits are without merit and the company intends to defend them vigorously,” Stellantis said in a statement emailed to Reuters.
In the United States, it is common for shareholders to sue companies after their stock prices unexpectedly fall.
(Jonathan Stempel; Camille Raynaud)
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