| Company: | General Motors Corporation |
| Ticker Symbol: | NYSE: GM |
| Class Period: | February 25, 2002 to March 16, 2005 |
| Date Filed: | Sep-19-05 |
| Lead Plaintiff Deadline: | Nov-18-05 |
| Court: | Southern District, NY |
| Allegations: |
A class action lawsuit was filed on behalf of all persons who purchased or otherwise acquired $1-2/3 par value common stock (the "common stock") and/or debt securities of the General Motors Corporation ("GM" or the "Company") (NYSE: GM) between February 25, 2002 and March 16, 2005 inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint alleges, inter alia, that defendants issued or caused to be issued materially false and misleading statements to the investing public with respect to the Company's financial performance and condition during the relevant time. In addition, during the fourth quarter of 2004 and the first quarter of 2005, defendants, with knowledge or reckless disregard of facts then in their possession, disseminated materially false and misleading projections, lacking in reasonable basis, with respect to GM's first-quarter and year 2005 revenues, earnings and cash flow.
During the Class Period, when the Company's debt ratings were materially inflated by defendants' materially false and misleading statements and omissions, defendants caused GM to issue more than $18 billion in debt securities. When the true facts finally began to come out at the end of the Class Period, the price of GM stock, which had closed at $32.71 on March 15, 2005, declined by $4.57 per share, or 14%, to close at $28.14 per share on March 16, 2005. The prices of the Company's debt securities also declined in the market.
The action, numbered 05-CV-8088, is pending before the Honorable Richard M. Berman in the United States District Court for the Southern District of New York against defendants GM; GM's wholly-owned subsidiary, General Motors Acceptance Corporation ("GMAC"); Peter R. Bible (GM's Chief Accounting Officer); Walter G. Borst (GM's Treasurer); John M. Devine (GM's CFO and Vice Chairman); and G. Richard Wagoner Jr. (GM's CEO and Chairman).
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
At LawyersandSettlements.com, it is our goal to keep you informed about important legal cases and settlements. We are dedicated to helping you resolve your legal complaints.
The complaint alleges, inter alia, that defendants issued or caused to be issued materially false and misleading statements to the investing public with respect to the Company's financial performance and condition during the relevant time. In addition, during the fourth quarter of 2004 and the first quarter of 2005, defendants, with knowledge or reckless disregard of facts then in their possession, disseminated materially false and misleading projections, lacking in reasonable basis, with respect to GM's first-quarter and year 2005 revenues, earnings and cash flow.
During the Class Period, when the Company's debt ratings were materially inflated by defendants' materially false and misleading statements and omissions, defendants caused GM to issue more than $18 billion in debt securities. When the true facts finally began to come out at the end of the Class Period, the price of GM stock, which had closed at $32.71 on March 15, 2005, declined by $4.57 per share, or 14%, to close at $28.14 per share on March 16, 2005. The prices of the Company's debt securities also declined in the market.
The action, numbered 05-CV-8088, is pending before the Honorable Richard M. Berman in the United States District Court for the Southern District of New York against defendants GM; GM's wholly-owned subsidiary, General Motors Acceptance Corporation ("GMAC"); Peter R. Bible (GM's Chief Accounting Officer); Walter G. Borst (GM's Treasurer); John M. Devine (GM's CFO and Vice Chairman); and G. Richard Wagoner Jr. (GM's CEO and Chairman).
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
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