On January 12, 2017, FCA shares traded at the New York Stock Exchange lost value after the EPA accused FCA US of using emissions cheating software to evade diesel-emissions tests, however the company countered the accusations, and the chairman and CEO Sergio Marchionne sternly rejected them. The following day, shares rose as investors played down the effect of the accusations. Analysts gave estimates of potential fines from several hundred million dollars to $4 billion, although the likelihood of a hefty fine was low. Senior United States Senator Bill Nelson urged the FTC to look into possible deceptive marketing of the company's diesel-powered SUVs. Shares dropped 2.2% after the announcement. FCA US would in 2022, plead guilty to a criminal charge of conspiring to defraud the US, to wire fraud, and to violate the Clean Air Act.
On January 12, 2017, FCA shares traded at the New York Stock Exchange lost value after the EPA accused FCA US of using emissions cheating software to evade diesel-emissions tests, however the company countered the accusations and the chairman and CEO Sergio Marchionne sternly rejected them. The following day, shares rose as investors played down the effect of the accusations Analysts gave estimates of potential fines from several hundred million dollars to $4 billion, although the likelihood of a hefty fine was low Senior United States Senator Bill Nelson urged the FTC to look into possible deceptive marketing of the company's diesel-powered SUVs. Shares dropped 2.2% after the announcement. FCA US would in 2022, plead guilty to a criminal charge of conspiring to defraud the US, to wire fraud, and to violate the Clean Air Act.