The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of General Electric Company (NYSE: GE) who purchased shares between December 27, 2017 and October 29, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the General Electric lawsuit alleges that (i) the design and technology of GE Power’s flagship gas turbines were structurally flawed as they were plagued with an oxidation problem that caused the blades in the H-Class gas turbines to fail; (ii) GE Power’s goodwill was materially overstated, in large part because of such structural issues; (iii) the Company lacked adequate internal and financial controls; and (iv) as a result of the foregoing, Defendant’s public statements were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders have until April 2, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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