Case Page

 

Case Status:    DISMISSED    
On or around 12/12/2011 (Court's order of dismissal)

Filing Date: October 03, 2008

According to a press release dated October 4, 2008, the complaint charges GE and certain of its officers with violations of Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934. The complaint asserts that during an investor conference call on September 25, 2008, defendants falsely stated that GE would not require any additional fund raising through debt, equity, or otherwise during the fourth quarter-ended December 31, 2008.

Specifically, the complaint alleges that on October 1, 2008 GE announced that it planned to offer at least $12 billion of common stock in a public offering. On October 2, 2008, before market open, GE announced the offering was to be priced at $22.25 per share, well-below the stock's prior day closing price of $24.50 per share and below its 52 week low. News that the stock offering was priced at less than the current market price caused GE's stock price to fall over 9% on October 2, 2008.

On January 5, 2009, an Order appointing Lead Plaintiff and Lead Counsel was entered by the court.

On February 20, 2009, a first amended complaint was filed by the lead plaintiffs against the defendants.

On December 11, 2009, a second amended complaint was filed by the lead plaintiffs against the defendants.

On March 15, 2010, a third amended complaint was filed by the lead plaintiffs against the defendants in this civil action.

On September 29, 2010, the Court issued a Memorandum and Order granting the Defendants’ motion to dismiss with prejudice pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure.

On October 22, 2010, the plaintiffs filed a Notice of Appeal with the Court of Appeals in connection with the District Court's order on the motion to dismiss.

On December 12, 2011, the United States Court of Appeals for the Second Circuit found the plaintiff's arguments to be without merit and affirmed the judgment of the district court.

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: S.D. New York
DOCKET #: 08-CV-8484
JUDGE: Hon. Richard J. Sullivan
DATE FILED: 10/03/2008
CLASS PERIOD START: 09/25/2008
CLASS PERIOD END: 10/01/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-8484
JUDGE: Hon. Richard J. Sullivan
DATE FILED: 02/20/2009
CLASS PERIOD START: 09/25/2008
CLASS PERIOD END: 10/01/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date