Fiat chief rejects claims of US sales data fraud
ALLEGATIONS that Fiat Chrysler Automobiles (FCA) falsified US sales data are meritless and the company’s financial reports are “totally accurate”, chief executive Sergio Marchionne said.
Mr Marchionne said the FCA is cooperating with authorities from the Securities and Exchange Commission and the Justice Department probing the company’s reporting after it was forced to restate unit sales for the past five years last month, revising the way it counted vehicle turnover.
The move came after a dealer group sued the company over its sales reporting practices, which one said amounted to fraud.
The SEC is investigating whether FCA deliberately misstated the sales numbers, but Mr Marchionne insisted there was no intent whatsoever to deceive.