NEW YORK--(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.
