Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against General Electric Company (“GE” or “Company”) (NYSE: GE) and several officers and directors for acts taken during the period of July 21, 2017 and October 20, 2017 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of GE. If you are an affected GE shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or call toll free at (888) 809-2750. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants’ misrepresented and/or failed to disclose during the Class Period that: (1) GE’s various operating segments, including its Power segment, were underperforming Company projections, with order drops, excess inventories and increased costs; (2) as a result GE overstated its full year 2017 guidance; and, (3) consequently, Defendants’ statements about the Company’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On October 20, 2017, GE revealed its quarterly results for the third quarter 2017, divulging earnings per share (“EPS”) of $0.29, falling below earnings estimates of $0.49 per share. GE also lowered its 2017 earnings expectations, lowering EPS from $1.60-$1.70 to $1.05-$1.10. That same day, GE held a conference call to discuss its financial results. On the conference call, GE’s Chief Executive Officer, John Flannery, said that the Company was finalizing 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.” Following this news, the Company’s stock dropped significantly.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.