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Glancy Prongay & Murray Files a Securities Class Action on Behalf of General Electric Company Investors and Encourages Investors to Contact the Firm (GE)Glancy Prongay & Murray LLP ("GPM") files a class action lawsuit on behalf of investors that purchased General Electric Company ("General Electric" or the "Company") (NYSE: GE) securities between July 21, 2017, and October 20, 2017, inclusive (the "Class Period"). General Electric investors have until January 2, 2018 to file a lead plaintiff motion. To obtain information or participate in the class action, please visit the General Electric Company page on our website at www.glancylaw.com/case/general-electric-company. Investors suffering losses on their General Electric investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected]. 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, GE 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." On this news, the Company's stock price fell nearly 7% or $1.51 per share, over two trading sessions, to close at $22.32 on October 23, 2017, thereby injuring investors. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company's various operating segments, including its Power segment, were underperforming Company projections, with order drops, excess inventories and increased costs; (2) as a result the Company overstated GE's full year 2017 guidance; and, (3) that, as a result of the foregoing, Defendants' statements about General Electric's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. Follow us for updates on Twitter (News - Alert): twitter.com/GPM_LLP. If you purchased shares of General Electric during the Class Period you may move the Court no later than January 2, 2018 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171101006999/en/ |
