NEW YORK, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in General Electric Company (“General Electric” or the “Company”) (NYSE: GE ) of the April 2, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in General Electric stock or options between October 12, 2018 and October 29, 2018 and would like to discuss your legal rights, click here : www.faruqilaw.com/GE. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26 th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased General Electric securities between October 12, 2018 and October 29, 2018 (the “Class Period”). The case, Birnbaum v. General Electric Company et al., No. 19-cv-01013 was filed on February 1, 2019 and has been assigned to Judge Denise L. Cote.
The lawsuit focuses on whether the Company and its executives violated federal securities laws 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.
Specifically, on October 29, 2018, GE disclosed that the SEC investigation into the accounting practices of the "GE Power" company segment had expanded to include the Power Charge and an investigation by the Department of Justice.
On this news, the Company's stock price fell from $11.16 per share on October 29, 2018 to $10.18 per share on October 30, 2018—a $0.98 or 8.78% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding General Electric’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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