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BOCA RATON, Fla., Feb. 08, 2019 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of New York (Case No. 19-cv-01244) against General Electric Company (“GE” or the “Company”) (NYSE: GE) on behalf of investors who purchased or otherwise acquired the common stock of the Company between December 27, 2017 and October 29, 2018, inclusive (the “Class Period”).
If you purchased GE common stock during the Class Period and wish to apply to be lead plaintiff, a motion on your behalf must be filed with the Court by no later than April 2, 2019. You may contact Lester Hooker (firstname.lastname@example.org) at Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff or your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
GE is a 126-year old industrial conglomerate with a number of primary business units, including Lighting, Aviation, Healthcare, Power, and Capital. GE’s largest and most important segment is GE Power. The majority of GE Power’s revenue comes from the sale and servicing of its Gas Power Systems, including its H-Class gas turbines that the Company sells to power utilities across the globe. In 2017, GE Power was the leading manufacturer of gas turbines, with more than 50% of global market share.
The Complaint asserts claims for violations of the Securities Exchange Act of 1934 and alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, prospects and financial health. Specifically, Defendants failed to disclose 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.
Saxena White P.A., with offices in Florida, New York, and Massachusetts, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.