According to the Complaint, GE is a globally diversified technology and financial services company. GE offers a wide variety of products and services including aircraft engines, power generation, and water processing and household appliances.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding GE’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) GE was failing to allocate sufficient reserves with respect to premium deficiencies and other risks associated with GE Capital’s legacy reinsurance business; (ii) these risks were then accruing billions of dollars in unreported impairment charges for GE; (iii) consequently, the value of GE was overstated during the Class Period, and additional undisclosed impairments were necessary; and (iv) as a result of the foregoing, GE’s public statements were materially false and misleading at all relevant times.
This case was voluntarily dismissed on January 24, 2018.