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General Motors Company (NYSE:GM) Investor Securities Class Action Lawsuit 05/27/2017

  • If you purchased shares of General Motors Company (NYSE:GM), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
General Motors
Security
NYSE: GM

Case Name
General Motors Shareholder Class Action Lawsuit 05/27/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Michigan

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

June 15, 2018 - The case was voluntarily dismissed.

August 8, 2017 - The case was transferred to the U.S. District Court for the Eastern District of Michigan.

May 27, 2017 (Shareholders Foundation) - An investor in shares of General Motors Company (NYSE:GM) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by General Motors in connection with certain allegedly false and misleading statements made between February 27, 2012 and May 25, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of General Motors Company (NYSE:GM) common shares between February 27, 2012 and May 25, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 27, 2012 and May 25, 2017 the defendants made false and/or misleading statements and/or failed to disclose that General Motors installed three distinct defeat devices in over 700,000 trucks with Duramax diesel engines from 2011 to 2016 to beat emissions tests in the U.S., that in turn, these trucks emit up to five times the legal limit of nitrogen oxide pollutants, and that as a result, General Motors’ public statements were materially false and misleading at all relevant times.

General Motors Company reported that its annual Total Revenue rose from over $152.35 billion in 2105 to over $166.38 billion in 2016. Shares of General Motors Company (NYSE:GM) reached $38.55 per share on March 6, 2017.

On May 25, 2017, news outlets reported that General Motors Company has been accused of installing defeat devices on more than 700,000 Duramax diesel trucks in a consumer lawsuit. According to the consumer lawsuit, GM’s Duramax diesel trucks emit between two-to-five times the legal amount of nitrogen-oxide pollutants. Shares of General Motors Company (NYSE:GM) declined on May 25, 2017 to $31.92 per share.