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General Electric Company (NYSE: GE) Investor Securities Class Action Lawsuit 02/01/2019

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Lawsuit Overview

Case Dismissed
Company
General Electric Company
Security
NYSE: GE

Case Name
General Electric Company Shareholder Class Action Lawsuit 02/01/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 3, 2020 - The case was dismissed.

May 7, 2020 - The court granted the defendants' motion to dismiss.

September 27, 2019 - A motion to dismiss the second amended complaint was filed. 

August 30, 2019 - A second amended complaint was filed.

June 21, 2019 - An amended complaint was filed.

February 1, 2019 - An investor in shares of General Electric Company (NYSE: GE) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by General Electric in connection with certain allegedly false and misleading statements made between October 12, 2018 and October 29, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of General Electric Company (NYSE: GE) common shares between October 12, 2018 and October 29, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between October 12, 2018 and October 29, 2018, the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements relating to the U.S. Securities and Exchange Commission’s expanded investigation into the Company’s accounting practices, including investigating GE’s $23 billion goodwill impairment charge. General Electric Company announced the U.S. Securities and Exchange Commission’s expanded investigation into the Company’s $23 billion goodwill impairment charge on October 1, 2018, and the SEC investigation began shortly after.

On October 30, 2018, General Electric Company announced that the SEC had expanded its previous investigation into the Company’s accounting practices to now include GE’s $23 billion goodwill impairment charge. The Company announced that the Department of Justice was also investigating GE. The plaintiff claims that General Electric Company 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. Shares of General Electric Company (NYSE: GE) declined from $13.64 per share on October 8, 2018 to as low as $6.66 per share on December 11, 2018.