Saxena White P.A. Files Securities Fraud Class Action Against General Electric Company With Expanded Class Period
08 Febrero 2019 - 4:13PM
Saxena White P.A. has filed a securities fraud class action lawsuit
in the United States District Court for the Southern District of
New York (Case No. 19-cv-01244) against General Electric Company
(“GE” or the “Company”) (NYSE: GE) on behalf of investors who
purchased or otherwise acquired the common stock of the Company
between December 27, 2017 and October 29, 2018, inclusive (the
“Class Period”).
If you purchased GE common stock during the
Class Period and wish to apply to be lead plaintiff, a motion on
your behalf must be filed with the Court by no later than April 2,
2019. You may contact Lester Hooker (lhooker@saxenawhite.com) at
Saxena White P.A. to discuss your rights regarding the appointment
of lead plaintiff or your interest in the class action. Please note
that you may also retain counsel of your choice and need not take
any action at this time to be a class member.
GE is a 126-year old industrial conglomerate
with a number of primary business units, including Lighting,
Aviation, Healthcare, Power, and Capital. GE’s largest and
most important segment is GE Power. The majority of GE
Power’s revenue comes from the sale and servicing of its Gas Power
Systems, including its H-Class gas turbines that the Company sells
to power utilities across the globe. In 2017, GE Power
was the leading manufacturer of gas turbines, with more than 50% of
global market share.
The Complaint asserts claims for violations of
the Securities Exchange Act of 1934 and alleges that, throughout
the Class Period, Defendants made false and/or misleading
statements, as well as failed to disclose material adverse facts
about the Company’s business, operations, prospects and financial
health. Specifically, Defendants failed to disclose that: (i) the
design and technology of GE Power’s flagship gas turbines were
structurally flawed as they were plagued with an oxidation problem
that caused the blades in the H-Class gas turbines to fail; (ii) GE
Power’s goodwill was materially overstated, in large part because
of such structural issues; (iii) the Company lacked adequate
internal and financial controls; and (iv) as a result of the
foregoing, Defendant’s public statements were materially false
and/or misleading and/or lacked a reasonable basis.
You may obtain a copy of the
Complaint and join the class
action at www.saxenawhite.com.
Saxena White P.A., with offices in Florida, New
York, and Massachusetts, concentrates its practice on prosecuting
securities fraud and complex class actions on behalf of
institutions and individuals. Currently serving as lead counsel in
numerous securities fraud class actions nationwide, the firm has
recovered hundreds of millions of dollars on behalf of injured
investors and is active in major litigation pending in federal and
state courts throughout the United States.
CONTACT INFORMATIONLester R.
Hooker, Esq.lhooker@saxenawhite.com Saxena White P.A.150 East
Palmetto Park Road, Suite 600Boca Raton, FL 33432Tel: (561)
206-6708Fax: (866) 290-1291www.saxenawhite.com
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