WASHINGTON (Reuters) – Fiat Chrysler Automobiles NV and its U.S. unit 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).
Over a five-year period from 2012 through 2016, Fiat Chrysler’s U.S. unit used a series of fraudulent moves to falsely report new vehicle sales and falsely tout a “streak” of uninterrupted monthly year-over-year sales growth, when it had actually 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 including the U.S. Justice Department.
Fiat Chrysler said Friday it “cooperated fully” and added it has “reviewed and refined its policies and procedures and is committed to maintaining strong controls regarding its sales reporting.” The SEC settlement is not material to its financial results, it…
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