General Electric Company Investor Class Action Lawsuit

March 5, 2009 - PRLog -- On Wednesday an investor in General Electric Company  has filed a proposed securities class action lawsuit on behalf of purchasers of the common stock of General Electric Company  during the period January 23, 2009 through February 27, 2009, in United States District Court for the Southern District of New York against General Electric Company over alleged violations of Federal Securities Laws.

If you purchased common stock of General Electric Company  during the period January 23, 2009 through February 27, 2009, you have certain options and there are strict and short deadlines running. (May 01, 2009). You should contact the Shareholders Foundation, Inc immediately!

Email: mail@shareholdersfoundation.com

Or call us today at: +1 (858) 779 – 1554

According to the complaint the plaintiff alleges that on January 23, 2009, GE’s Chairman and CEO, Jeffrey Immelt, stated unequivocally that General Electric Company (“GE”) would maintain its quarterly $.31 per share dividend, having sufficient cash on hand and cash flow to achieve that goal. Then on February 27, 2009, GE suddenly announced it was cutting the dividend to $.10 per share and on the first trading day after the dividend reduction announcement, GE shares fell from $8.51 per share the previous trading day to close at $7.60 per share. Since then the shares have continued to decline, currently trading at $6.30 per share, an almost 30% decrease. The plaintiff alleges that between January 23, 2009 and February 27, 2009 Jeffrey Immelt sold over 52,000 shares of GE stock at $11.10 per share and other officers of GE sold over 380,000 shares at that same price. The plaintiff accues that Jeffrey Immelt then repurchased 50,000 shares after the announcement at between $7.51 and $8.30 per share and as a result, GE’s Chairman and CEO and the other officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading statements or knowingly or recklessly failing to know of those statements, sold GE shares at inflated prices based on those statements.

If you purchased common stock of General Electric Company  during the period January 23, 2009 through February 27, 2009, you have certain options and there are strict and short deadlines running. (May 01, 2009). You should contact the Shareholders Foundation, Inc immediately!

Email: mail@shareholdersfoundation.com

Or call us today at: +1 (858) 779 – 1554

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com  
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Any statements made in press releases, emails or over the phone by any member or personnel employed by Shareholders Foundation, Inc. or by third parties related to the Shareholders Foundation, Inc. is provided for research and guidance purposes only and are not legal advices. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.