NEW YORK, Nov. 02, 2017 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against General Electric Company (“General Electric” or the “Company”) (NYSE:GE) and certain of its officers. The class action, filed in United States District Court, for the Southern District of New York, and docketed under 17-cv-08473, is on behalf of a class consisting of investors who purchased or otherwise acquired General Electric securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased General Electric securities between July 21, 2017, and October 20, 2017, both dates inclusive, you have until January 2, 2018 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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General Electric operates along several segments, including: Capital, Healthcare, Aviation, Power, Oil & Gas, Renewable Energy, Energy Collections & Lighting, and Transportation.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s various operating segments, including its Power segment, were underperforming Company projections, with order drops, excess inventories and increased costs; (ii) in turn, the Company overstated GE’s full year 2017 guidance; and (iii) as a result of the foregoing, General Electric’s public statements were materially false and misleading at all relevant times.
On October 20, 2017, the Company disclosed quarterly results for the third quarter 2017, disclosing earnings per share (“EPS”) of $0.29, falling below earnings estimates of $0.49 per share. The 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, the Company held a conference call to discuss its financial results. On the call, Defendant 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.”
Following this news, the Company’s stock price fell 6.34%, or $1.51 per share, to close at $22.32 on October 23, 2017, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com