BOCA RATON, Fla., Feb. 08, 2019 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action
lawsuit in the United States District Court for the Southern District of New York (Case No. 19-cv-01244) against General Electric
Company (“GE” or the “Company”) (NYSE: GE) on behalf of investors who purchased or otherwise acquired the common stock of the
Company between December 27, 2017 and October 29, 2018, inclusive (the “Class Period”).
If you purchased GE common stock during the Class Period and wish to apply to be lead plaintiff, a motion on
your behalf must be filed with the Court by no later than April 2, 2019. You may contact Lester Hooker (lhooker@saxenawhite.com) at Saxena White P.A. to discuss your
rights regarding the appointment of lead plaintiff or your interest in the class action. Please note that you may also retain
counsel of your choice and need not take any action at this time to be a class member.
GE is a 126-year old industrial conglomerate with a number of primary business units, including Lighting,
Aviation, Healthcare, Power, and Capital. GE’s largest and most important segment is GE Power. The majority of GE
Power’s revenue comes from the sale and servicing of its Gas Power Systems, including its H-Class gas turbines that the Company
sells to power utilities across the globe. In 2017, GE Power was the leading manufacturer of gas turbines, with more
than 50% of global market share.
The Complaint asserts claims for violations of the Securities Exchange Act of 1934 and alleges that, throughout
the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, prospects and financial health. Specifically, Defendants failed to disclose that: (i) the
design and technology of GE Power’s flagship gas turbines were structurally flawed as they were plagued with an oxidation problem
that caused the blades in the H-Class gas turbines to fail; (ii) GE Power’s goodwill was materially overstated, in large part
because of such structural issues; (iii) the Company lacked adequate internal and financial controls; and (iv) as a result of the
foregoing, Defendant’s public statements were materially false and/or misleading and/or lacked a reasonable basis.
You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com.
Saxena White P.A., with offices in Florida, New York, and Massachusetts, concentrates its practice on
prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel
in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured
investors and is active in major litigation pending in federal and state courts throughout the United States.
CONTACT INFORMATION
Lester R. Hooker, Esq.
lhooker@saxenawhite.com
Saxena White P.A.
150 East Palmetto Park Road, Suite 600
Boca Raton, FL 33432
Tel: (561) 206-6708
Fax: (866) 290-1291
www.saxenawhite.com
