General Electric Company (NYSE: GE) Investor Securities Class Action Lawsuit 10/03/2008

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Company Name(s): 
General Electric Company
Case Name: 
General Electric Company Shareholder Class Action Lawsuit 10/03/2008
Case Status: 
Case Dismissed
Affected Securities
NYSE: GE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/03/2008
Class Period Begin: 
09/25/2008
Class Period End: 
10/01/2008
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
12/02/2008
Case Dismissed: 
12/12/2011
Summary: 

December 12, 2011 - The U.S. Court of Appeals for the Second Circuit affirmed the decision of the District Court.

October 22, 2010 - The lead plaintiffs filed a notice of appeal.

September 29, 2010 - The court granted defendants' motion to dismiss with prejudice.

March 15, 2010 - The lead plaintiffs filed a third amended complaint.

January 15, 2010 - Defendants filed a motion to dismiss.

December 11, 2009 - The lead plaintiffs filed a second amended complaint.

April 20, 2009 - Defendants filed a motion to dismiss.

February 20, 2009 - The lead plaintiffs filed an amended complaint.

January 5, 2009 - Lead plaintiffs and lead counsel were appointed.

December 2, 2008 - Lead plaintiff motion was filed.

October 3, 2008 - 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 Company in connection with certain allegedly false and misleading statements made between September 25, 2008 and October 1, 2008.

According to the complaint the plaintiff alleges on behalf of all purchasers of General Electric Company (NYSE: GE) common stock and call option during the period beginning September 25, 2008 through and including October 1, 2008. The complaint charges General Electric Company and certain of its officers with violations of Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934. The complaint asserts that during an investor conference call on September 25, 2008, defendants falsely stated that General Electric Company would not require any additional fund raising through debt, equity, or otherwise during the fourth quarter-ended December 31, 2008.

According to the complaint, on October 1, 2008 General Electric Company announced that it planned to offer at least $12 billion of common stock in a public offering. On October 2, 2008, before market open, General Electric Company announced the offering was to be priced at $22.25 per share, well-below the stock’s prior day closing price of $24.50 per share and below its 52 week low. News that the stock offering was priced at less than the current market price caused General Electric Company’s stock price to fall over 9% on October 2, 2008.