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Case ID: 5149 | Stocks | 08/07/2008
The Complaint alleges that at the beginning of the Class Period defendants assured investors that the Company would hit its financial goals for 2008 and, with respect to the Company’s financial services businesses, differentiated itself from other financial service providers, noting it could "withstand a market slowdown in the U.S. and still grow earnings." Indeed, as alleged, at the beginning of the Class Period defendants reaffirmed 2008 guidance of "hitting 10% EPS growth, getting $2.42 a share or greater." The Complaint alleges that these statements to investors were false when made because defendants failed to disclose the following adverse facts, among others, which they knew or recklessly disregarded: (i) that GE’s financial services division was not performing as well as previously stated and that the division’s investments had materially declined in value and would require the Company to record mark-to-market losses and recognize certain asset impairments; (ii) that the Company was depending on the sale of $900 million in real estate assets during the last two weeks of the first quarter of 2008 in order to achieve a gain of approximately $100 million; and (iii) demand for products in the Company’s Consumer and Industrial Division had materially declined. As alleged in the Complaint, just a few short weeks after the Company’s assurances regarding its earnings guidance, on April 11, 2008, GE shocked the market when it reported materially worse results for the quarter ended March 31, 2008 than it previously promised, substantially lowered 2008 full year EPS guidance and cut its growth estimate for the year from 5-10% to 0-5%. Indeed, as alleged, instead of the $0.50-0.53 EPS the Company had promised for the first quarter, GE reported EPS of $0.44 for the quarter and lowered EPS guidance for 2008 from $2.42 to $2.20-2.30. On this news, it is alleged that on April 11, 2008 the price of GE shares declined $4.70 per share -- a one day decline of almost 13%, on heavy trading volume.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against certain officers and directors of Chinese insurance company China Life Insurance Company Limited (NYSE: LFC) by stockholders who purchased the company's common stock between December 22, 2003, and February 3, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The parties have reached a tentative $2.5 million settlement of a class action filed against respiratory therapy manufacturer Nellcor Puritan Bennett, Inc. (formerly Nasdaq: NELL), subsidiary of Tyco Healthcare/Mallinckrodt, and certain of its officers and directors by stockholders who purchased the company's common stock between September 29, 1995, and April 16, 1996. The actions claim that the defendants violated the California Corporations Code by issuing a series of material misrepresentations to the market over this time period for the purpose of inducing investors to buy the company’s stock. To recover under the settlement, a completed proof of claim postmarked no later than February 18, 2004, must be mailed to the claims administrator. A class action has been filed against healthcare services company Columbia/HCA Healthcare Corporation (formerly NYSE: COL) and certain of its officers and directors by stockholders who purchased the company's common stock between April 8, 1994, and March 19, 1997. The company is now known simply as HCA Inc. (NYSE: HCA). According to a law firm press release, his action seeks to pursue remedies under the Securities Act of 1933 and the Securities Exchange Act of 1934. Several class actions have been filed against Eaton Vance Corporation, Inc. (NYSE: EV), Eaton Vance Management, Boston Management and Research, Lloyd George Investment Management (B.V.I.) Limited, and Lloyd George Investment Management (Bermuda) Limited and certain individuals by investors who purchased the shares of Eaton Vance mutual funds between January 30, 1999, to November 17, 2003. The actions claim that the defendants violated federal securities laws by drawing upon the assets of the Eaton Vance Funds to pay brokers to aggressively push Eaton Vance Funds over other funds, and concealing those payments from investors by disguising them as brokerage commissions. A class action has been filed against Sierra Wireless, Inc.(NasdaqNM:SWIR), certain of its officers and directors by stockholders who purchased the company's common stock between January 28, 2004 and January 26, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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