Cases
General Electric Company (GE)
Securities Class Action
Overview
Overview
- Date:
- 2/18/2019
- Company Name:
- General Electric Company
- Stock Symbol:
- GE
- Class Period:
- FROM 12/27/2017 TO 10/29/2018
- Status:
- Closed/Complete
NEW YORK, February 18, 2019 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Courts for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired General Electric Company (NYSE: GE) securities between December 27, 2017 and October 29, 2018 (the “Class Period”). Investors have until April 1, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that GE and its Chief Executive Officer, H. Lawrence Culp, Jr., violated the Securities Exchange Act of 1934 by issuing false and misleading statements relating to the U.S. Securities and Exchange Commission's (the "SEC") expanded investigation into the Company's accounting practices, including investigating GE's $23 billion goodwill impairment charge (the "Power Charge"). The Company announced the Power Charge on October 1, 2018, and the SEC investigation began shortly after. The Company revealed the truth on October 30, 2018, when the Company announced that the SEC had expanded its previous investigation into the Company's accounting practices to now include the Power Charge. The Company announced that the Department of Justice was also investigating GE. GE had failed to disclose this material information on October 12, 2018 when defendants announced that GE was delaying the release of the Company's quarterly earnings. Upon disclosure of these facts, GE's stock price fell sharply from a closing price of $11.16 on October 29, 2018, to a closing price of $10.18 on October 30, 2018a nearly 10% market declineon trading of almost 345 million shares. GE shares traded as low as $9.87 on October 30, 2018.
If you purchased General Electric securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint alleges that GE and its Chief Executive Officer, H. Lawrence Culp, Jr., violated the Securities Exchange Act of 1934 by issuing false and misleading statements relating to the U.S. Securities and Exchange Commission's (the "SEC") expanded investigation into the Company's accounting practices, including investigating GE's $23 billion goodwill impairment charge (the "Power Charge"). The Company announced the Power Charge on October 1, 2018, and the SEC investigation began shortly after. The Company revealed the truth on October 30, 2018, when the Company announced that the SEC had expanded its previous investigation into the Company's accounting practices to now include the Power Charge. The Company announced that the Department of Justice was also investigating GE. GE had failed to disclose this material information on October 12, 2018 when defendants announced that GE was delaying the release of the Company's quarterly earnings. Upon disclosure of these facts, GE's stock price fell sharply from a closing price of $11.16 on October 29, 2018, to a closing price of $10.18 on October 30, 2018a nearly 10% market declineon trading of almost 345 million shares. GE shares traded as low as $9.87 on October 30, 2018.
If you purchased General Electric securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.