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.