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Case Status:    DISMISSED    
On or around 07/15/2010 (Court's order of dismissal)

Filing Date: July 30, 2008

The Complaint alleges that at the beginning of the Class Period defendants assured investors that the Company would hit its financial goals for 2008 and, with respect to the Company’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 Complaint alleges that these statements to investors were false when made because defendants failed to disclose the following adverse facts, among others, which they knew or recklessly disregarded: (i) that GE’s financial services division was not performing as well as previously stated and that the division’s investments had materially declined in value and would require the Company to record mark-to-market losses and recognize certain asset impairments; (ii) that the Company was depending on the sale of $900 million in real estate assets during the last two weeks of the first quarter of 2008 in order to achieve a gain of approximately $100 million; and (iii) demand for products in the Company’s Consumer and Industrial Division had materially declined.

As alleged in the Complaint, just a few short weeks after the Company’s assurances regarding its earnings guidance, on April 11, 2008, GE shocked the market when it reported materially worse results for the quarter ended March 31, 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%. Indeed, as alleged, instead of the $0.50-0.53 EPS the Company had promised for the first quarter, GE reported EPS of $0.44 for the quarter and lowered EPS guidance for 2008 from $2.42 to $2.20-2.30. On this news, it is alleged that on April 11, 2008 the price of GE shares declined $4.70 per share -- a one day decline of almost 13%, on heavy trading volume.

On October 7, 2008, the judge entered an order consolidating related cases. He then appointed lead plaintiffs and approved selection of lead counsel on October 29, 2008. The two pension plans filed their Consolidated Complaint on January 16, 2009. On March 12, 2009, the defendants responded by filing a motion to dismiss the Consolidated Complaint. On July 15, 2010, Judge Stefan R. Underhill signed the Order granting the defendants’ motion to dismiss and the case was closed.

On August 27, 2010, the plaintiffs filed Notice of Appeal. The appeal is currently pending in the Second Circuit Court of Appeals.

COMPANY INFORMATION:

Sector: Conglomerates
Industry: Conglomerates
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GE
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Connecticut
DOCKET #: 08-CV-01135
JUDGE: Hon. Mark R. Kravitz
DATE FILED: 07/30/2008
CLASS PERIOD START: 03/12/2008
CLASS PERIOD END: 04/10/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Izard Nobel P.C.
    20 Church Street, Suite 1700, Izard Nobel P.C., CO 06103
    860.493.6292 860.493.6292 · firm@izardnobel.com
  2. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
No Document Title Filing Date
COURT: D. Connecticut
DOCKET #: 08-CV-01135
JUDGE: Hon. Mark R. Kravitz
DATE FILED: 01/16/2009
CLASS PERIOD START: 03/12/2008
CLASS PERIOD END: 04/10/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date