NEW YORK, NY / ACCESSWIRE / November 14, 2017 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against General Electric Company ("GE" or the "Company") (NYSE: GE) and certain of its officers, on behalf of a class who purchased or otherwise acquired GE securities between July 21, 2017, and October 20, 2017, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/ge.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
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 to $1.05-$1.10 from $1.60-$1.70. On that same day, GE held a conference call to discuss its financial results and GE CEO 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, GE stock dropped close to 7% or $1.51 per share, over two trading sessions, to close at $22.32 on October 23, 2017.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose 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.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/ge or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in GE you have until January 2, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC