NEW YORK, Feb. 16, 2018 /PRNewswire/ -- Law firm Grant & Eisenhofer, P.A. has filed a securities class action today on behalf of The Cleveland Bakers and Teamsters Pension Fund against General Electric Company (NYSE: GE) and certain of its current and former senior executives. The action, filed in the United States District Court for the Southern District of New York, is brought on behalf of all persons or entities who purchased or acquired publicly traded GE securities, including GE common stock, during the period between February 26, 2013 and January 24, 2018, inclusive. The action is captioned The Cleveland Bakers and Teamsters Pension Fund v. General Electric Co., C.A. No.: 18-cv-01404 (S.D.N.Y.). It is related to the consolidated action Hachem v. General Electric Co., No. 1:17-cv-08457-JMF (S.D.N.Y.).
This action seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder. Defendants are General Electric, former GE Chief Executive Officer Jeffery Immelt and GE's current CEO John Flannery, as well as the company's former Chief Financial Officer Jeffery Bornstein and its current CFO Jamie Miller.
General Electric is a multinational conglomerate and one of the world's largest companies. The action alleges that defendants concealed material information and made false and misleading statements relating to the performance of various GE business segments (including Oil & Gas and GE Power) as well as the actual value of its wholly-owned subsidiary, GE Capital, and its long-term care insurance portfolio, and did not set sufficient loss reserves for its known LTC liabilities, resulting in material overstatements in GE's net income, earnings and cash flow figures during the Class Period. When the truth regarding these false and misleading statements became known to the public, the price of GE's publicly traded securities fell significantly, harming investors.
If you purchased or acquired GE publicly traded securities during the Class Period, you are a member of this proposed Class and may be able to seek appointment as lead plaintiff, which is a court-appointed representative for the Class, by complying with the relevant provisions of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). See 15 U.S.C. Section 78u-4(a)(2)(A)(i)-(iv). If you wish to serve as lead plaintiff, you must move the Court no later than April 17, 2018. You need not seek to become a lead plaintiff in order to share in any possible recovery. You may retain counsel of your choice to represent you in this action.
The plaintiff, The Cleveland Bakers and Teamsters Pension Fund, seeks to recover damages on behalf of the Class and is represented by Grant & Eisenhofer, a law firm with a strong background and experience in handling securities class actions and other complex commercial litigation. If you have any questions about this notice, this action, or your rights, you may contact Grant & Eisenhofer at www.gelaw.com.
Media Contact: Allan Ripp 212-262-7477 aripp@rippmedia.com
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SOURCE Grant & Eisenhofer, P.A.
