The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased General Electric Company (NYSE : GE) securities between December 15, 2016 and November 10, 2017.
According to the complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's various operating segments, including its Power segment, were underperforming Company projections, with order drops, excess inventories and increased costs; (ii) in turn, the Company overstated GE's full year 2017 guidance; and (iii) as a result of the foregoing, General Electric’s public statements were materially false and misleading at all relevant times.
On October 20, 2017, the Company disclosed quarterly results for the third quarter 2017, disclosing earnings per share (“EPS”) of $0.29, falling below 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 a conference call to discuss its financial results, 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.”
If you suffered a loss in General Electric Company you have until January 2, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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