On or around 05/08/2020 (Date of order of final judgment)
Filing Date: February 01, 2019
General Electric Company ("GE") is an American multinational conglomerate providing equipment, solutions and services across the energy value chain from generation to consumption.
Plaintiff's law firm issued a press release on February 1, 2019, announcing the filing of the lawsuit. According to the press release, the Complaint alleges that GE and its Chief Executive Officer violated the Securities Exchange Act of 1934 by issuing false and misleading statements relating to the U.S. Securities and Exchange Commission's expanded investigation into the Company's accounting practices, including investigating GE's $23 billion goodwill impairment charge. The Company announced the Power Charge on October 1, 2018, and the SEC investigation began shortly after.
On April 25, 2019, the Court issued Orders consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 21. Lead Plaintiff filed a second amended Complaint on August 30. Defendants filed a Motion to Dismiss the second amended Complaint on September 27. On May 7, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on June 3. The Court of Appeals affirmed the District Court's Dismissal Order on February 24, 2021.
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