On Wednesday, July 30th, 2008, two shareholders of General Electric Co. (NYSE: GE) have filed a lawsuit on behalf of all common stock purchasers from March 12th, 2008 through April 10th, 2008 in the United States District Court for the District of Connecticut in New Haven against GE, its CEO Jeff R. Immelt and CFO Keith S. Sherin over alleged security fraud by General Electric (GE) for failing to disclose deteriorating business conditions during the first quarter, that ended with an unexpected drop in profitability, bringing the sharpest drop in GE shares seen in two decades.
If you have purchased shares of General Electric (NYSE: GE) between March 12th, 2008 through April 10th, 2008 you have certain rights and there are strict short deadlines running (September 29th, 2008)! You should immediately contact the Shareholders Foundation, Inc.!
Email:
Mail@ShareholdersFoundation.com
or Call us TODAY!
Phone: +1-(858)-779-1554
UK: 0044 (020)-3006-2734
or send us your information by mail /facsimile
Shareholders Foundation, Inc.
3111 Camino del Rio North
– Suite 423 –
San Diego, CA 92108
Fax: +1-(858)-605-5739(Facsimile)
According to the complaint at the beginning of the Class Period stated above defendants allegedly assured investors that GE would hit its financial goals for 2008 and, with respect to GE’s financial services businesses, differentiated itself from other financial service providers, noting it could “withstand a market slowdown in the U.S. and still grow earnings.” Indeed, as alleged, at the beginning of the Class Period defendants reaffirmed 2008 guidance of “hitting 10% EPS growth, getting $2.42 a share or greater.” The lawsuit alleges that these statements to investors were false when made because defendants failed to disclose adverse facts, among others, which they knew or recklessly disregarded. As alleged in the complaint, just a few short weeks after GE’s assurances regarding its earnings guidance, on April 11th, 2008 during a conference call with analysts, GE shocked the market when it reported materially worse results for the quarter ended March 31st, 2008 than it previously promised, substantially lowered 2008 full year EPS guidance and cut its growth estimate for the year from 5-10% to 0-5%. On this news, it is alleged that on April 11th, 2008 the price of GE shares declined $4.70 per share or a one day decline of almost 13%, on heavy trading volume. The plaintiffs seek to recover damages.
Reportedly GE spokesman Russell Wilkerson said the company plans to “vigorously defend against this lawsuit.”
If you have purchased shares of General Electric (NYSE: GE) between March 12th, 2008 through April 10th, 2008 you have certain rights and there are strict short deadlines running (September 29th, 2008)! You should immediately contact the Shareholders Foundation, Inc.!
Email:
Mail@ShareholdersFoundation.com
or Call us TODAY!
Phone: +1-(858)-779-1554
UK: 0044 (020)-3006-2734
or send us your information by mail /facsimile
The Shareholders Foundation
Shareholders Foundation, Inc.
Allen Trevor
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
Mail@ShareholdersFoundation.com
At Shareholders Foundation, Inc. we represent a large number of shares and shareholders. We are able to use our size to negotiate with significantly greater efficacy than the single investor with investigators, attorneys, and defendants. At Shareholders Foundation, Inc. we believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder by matching shareholder problems with the right legal experts, and finding equitable solutions. Shareholders Foundation, Inc. is comprised of a network of legal experts who both contribute to our vision for the Shareholders Foundation, Inc. and also represent the shareholders in real cases.
