CHICAGO, Feb. 1, 2019 /PRNewswire/ -- 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 ack@kellerlenkner.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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