The Rosen Law Firm has filed a class action lawsuit against General Electric Company on behalf of investors that purchased GE stock during the period from September 25, 2008 through and including October 1, 2008

The complaint charges GE and certain of its officers with violations of Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934. The complaint asserts that during an investor conference call on September 25, 2008, defendants falsely stated that GE would not require any additional fund raising through debt, equity, or otherwise during the fourth quarter-ended December 31, 2008. 

On October 1, 2008 GE announced that it planned to offer at least $12 billion of common stock in a public offering.  On October 2, 2008, before market open, GE announced the offering was to be priced at $22.25 per share, well-below the stock’s prior day closing price of $24.50 per share and below its 52 week low.  News that the stock offering was priced at less than the current market price caused GE’s stock price to fall over 9% on October 2, 2008.

To join the class action please click on the link to the right of the page =>