Kirby McInerney LLP Announces the Filing of a Class Action Lawsuit Against General Electric (GE) & Encourages Investors with ...
03 November 2017 - 4:56AM
Business Wire
The law firm of Kirby McInerney LLP announces that it has filed
a class action lawsuit in the U.S. District Court for the Southern
District of New York on behalf of all persons or entities who
purchased or otherwise acquired General Electric (NYSE: GE) (“GE”
or the “Company”) securities during the period from July 21, 2017
through October 20, 2017 (the “Class Period”). Pursuant to
applicable law, investors have until January 2, 2018 to apply to
the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period,
Defendants failed to disclose that GE’s operating segments,
including the Power segment, were underperforming internal
projections due to order drops, overstocked inventories, and
increased costs. Consequentially, the Company overstated GE’s 2017
guidance.
On October 20, 2017, GE released earnings results for 2017 Q3,
revealing earnings per share (“EPS”) of $0.29, nearly 50% lower
than prior earnings estimates. The Company also lowered 2017
earnings expectations, dropping EPS from $1.60-$1.70 to
$1.05-$1.10.
Following this news, GE shares fell $1.51 per share, or nearly
7%, over the course of two trading sessions, to close at $22.32 on
October 23, 2017.
If you purchased or otherwise acquired GE securities during the
Class Period and suffered a loss or continue to hold shares
purchased prior to the Class Period, have information, would like
to learn more about these claims, or have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Thomas W. Elrod, Esq., by email at
telrod@kmllp.com, or telephone at (212) 371-6600, or by filling out
this contact form. There is no cost or obligation to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, whistleblower, antitrust and consumer
litigation. Kirby McInerney’s efforts on behalf of shareholders
have resulted in recoveries totaling billions of dollars.
Additional information about the firm or the claims against GE can
be found at Kirby McInerney LLP’s website: www.kmllp.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171102006398/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600telrod@kmllp.com
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