September 27, 2019 / 4:34 PM / 22 days ago

Fiat Chrysler to pay $40 million over inflated sales figures -- SEC

WASHINGTON, Sept 27 (Reuters) - Fiat Chrysler Automobiles NV will pay $40 million for misleading investors about its monthly sales figures and will resolve a lengthy probe by the U.S. Securities and Exchange Commission (SEC).

The SEC said between 2012 and 2016, the company’s U.S. unit issued monthly press releases falsely reporting new vehicle sales and falsely touting a “streak” of uninterrupted monthly year-over-year sales growth, when the growth streak ended in September 2013. In July 2016, the company revised more than five years of monthly U.S. vehicle sales figures to reflect a new reporting method, amid an investigation by federal authorities. (Reporting by David Shepardson Editing by Chizu Nomiyama)

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