General Electric Company (NYSE: GE) Investor Securities Class Action Lawsuit 11/01/2017

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Company Name(s): 
General Electric Company
Case Name: 
General Electric Company Shareholder Class Action Lawsuit 11/01/2017
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: GE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/01/2017
Class Period Begin: 
02/27/2013
Class Period End: 
01/23/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/02/2018
Summary: 

July 25, 2018 - The lead plaintiff filed a third amended consolidated complaint on behalf of investors who purchased General Electric Company (NYSE: GE) common shares between February 27, 2013 and January 23, 2018. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 27, 2013 and January 23, 2018.

July 23, 2018 - The court granted the notice of voluntary dismissal of one certain defendant without prejudice.

July 20, 2018 - The lead plaintiff filed a notice of voluntary dismissal of one certain defendant without prejudice.

May 30, 2018 - A new lead plaintiff and lead counsel were appointed.

April 10, 2018 - The lead plaintiff filed a second amended consolidated complaint.

March 20, 2018 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased General Electric Company (NYSE: GE) common shares between January 23, 2015 and January 23, 2018. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 23, 2015 and January 23, 2018.

February 26, 2018 - Cases were consolidated.

January 19, 2018 - Lead plaintiff and lead counsel were appointed.

January 2, 2018 - Lead plaintiff motions were filed.

December 29, 2017 - Cases were consolidated.

November 1, 2017 - 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 July 21, 2017 and October 20, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of General Electric Company (NYSE: GE) common shares between July 21, 2017 and October 20, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 21, 2017 and October 20, 2017, the defendants failed to disclose that the Company’s various operating segments, including its Power segment, were underperforming Company projections, with order drops, excess inventories and increased costs, that as a result the Company overstated GE’s full year 2017 guidance, and that, as a result of the foregoing, defendants’ statements about General Electric Company’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On October 20, 2017, General Electric Company reported its quarterly results for the third quarter 2017, disclosing earnings per share (“EPS”) of $0.29, falling below earnings estimates of $0.49 per share. General Electric Company also lowered 2017 earnings expectations, lowering EPS to $1.05-$1.10 from $1.60-$1.70.

On that same day, October 20, 2017, General Electric Company held a conference call to discuss its financial results. On the call, General Electric Company CEO John Flannery stated that the Company had been completing a review of its operations and that, “While the company has many areas of strength, it’s also clear from our current results that we need to make some major changes with urgency and a depth of purpose. Our results are unacceptable, to say the least.”

Shares of General Electric Company (NYSE: GE) declined from $32.25 per share in late 2016 to as low as $19.96 per share on November 1, 2017.