Keller Lenkner LLC today announced that it filed a class action lawsuit on behalf of all purchasers of securities of General Electric Company ("GE" or the "Company") (NYSE:GE) from October 12, 2018 through and including October 29, 2018 (the "Class Period"). The action was filed in the Southern District of New York and is captioned Birnbaum v. General Electric Company, et al., No. 1:19-cv-01013.
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, 2018--a nearly 10% market decline--on trading of almost 345 million shares. GE shares traded as low as $9.87 on October 30, 2018.
If you wish to serve as lead plaintiff for the Class, you must file a motion with the Court no later than April 2, 2019, which is the first business day on which the District Court for the Southern District of New York is open that is 60 days after the publication date of February 1, 2019. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice.
Keller Lenkner represents the plaintiff. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Plaintiff's counsel, Ashley Keller of Keller Lenkner at 312-741-5220, or via e-mail at email@example.com
Keller Lenkner pursues high-stakes litigation for plaintiffs across a variety of claims and practice areas. Its lawyers are uniquely situated at the intersection of law and finance, with experience that includes litigating in courts throughout the country as well as co-founding the world's largest private litigation finance firm. www.kellerlenkner.com
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SOURCE Keller Lenkner LLC