THE GENERAL MOTORS CLASS ACTION LAWSUIT: 5 THINGS YOU NEED TO KNOW ABOUT the Showdown in motown12/10/2023
If you suffered losses in General Motors stock, contact General Motors stock loss lawyer Timothy L. Miles about a General Motors lawsuit
INTRODUCTION TO THE GENERAL MOTORS CLASS ACTION LAWSUIT
The General Motors class action lawsuit seeks to represent purchasers or acquirers of General Motors Company (NYSE: GM) securities between February 2, 2022 and October 26, 2023, both dates inclusive (the “Class Period”). Captioned Shamoon v. General Motors Company, No. 23-cv-13132 (E.D. Mich.), the General Motors class action lawsuit charges General Motors and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in General Motors stock and wish to serve as lead plaintiff in the General Motors class action lawsuit, please contact General Motors Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the General Motors class action lawsuit must be filed with the court no later than February 6, 2024. Read on to learn five things every investor needs to know about the General Motors lawsuit as the showdown in Motown begins. THE ALLEGATIONS IN THE GENERAL MOTORS CLASS ACTION LAWSUIT
Cruise LLC is General Motors’ majority-owned global segment responsible for the development and commercialization of autonomous vehicles (“AV”).
The General Motors class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) General Motors downplayed concerns with its vehicles’ airbags and the need to record additional warranty accruals for related product recalls; (ii) General Motors overstated the extent and efficacy of its efforts to analyze defects in its vehicles’ airbag inflators; (iii) Cruise’s AVs and/or AV technology were less safe and well-developed than defendants had led investors, regulators, and the general public to believe; (iv) accordingly, regulatory approval of Cruise’s AV products was unsustainable and the prospects for widespread regulatory approval and adoption of Cruise’s AV products were overstated; and (v) all of the above subjected General Motors to an increased risk of governmental and/or regulatory scrutiny and enforcement action, significant legal liabilities, product recalls, and reputational harm. The General Motors class action lawsuit further alleges that on October 2, 2023, NBC Bay Area reported that a pedestrian suffered major injuries after she was run over by and pinned beneath a driverless Cruise AV. On this news, the price of General Motors stock fell, according to the complaint. Then, on October 5, 2023, the National Highway Traffic Safety Administration held a public hearing to recommend a recall of more than 50 million airbag inflators that have been linked to potentially deadly explosions, according to the complaint. Citing people familiar with the matter, The Wall Street Journal subsequently reported that at least 20 million of General Motors’ vehicles were built with the defective airbag inflators in question, at least one of which had led to a confirmed fatality, the complaint further alleges. The General Motors class action lawsuit alleges that on this news, the price of General Motors stock fell. The General Motors class action lawsuit further alleges that on October 24, 2023, the California Department of Motor Vehicles announced the immediate suspension of Cruise’s deployment and driverless testing permits, stating that Cruise “ha[d] misrepresented . . . information related to [the] safety of the autonomous technology of its vehicles.” According to the complaint, on this news, the price of General Motors stock fell. Finally, as the General Motors class action lawsuit alleges, on October 26, 2023, Cruise announced via a post on X that it would pause all of its AV operations across the country “while we take time to examine our processes, systems, and tools and reflect on how we can better operate in a way that will earn public trust.” On this news, the price of General Motors stock fell nearly 5%, the complaint further alleges. THE LEAD PLAINTIFF PROCESS IN THE GENERAL MOTORS CLASS ACTION LAWSUIT
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in General Motors stock to seek appointment as lead plaintiff in the General Motors class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in General Motors stock and have further questions, contact General Motors stock loss Lawyer Timothy L. Miles today who would fight to recover your damages in a General Motors class action lawsuit if you suffered losses in General Motors stock. A NON-U.S. INVESTOR MAY SERVE AS LEAD PLAINTIFF IN THE GENERAL MOTORS CLASS ACTION LAWSUIT
Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors. Thus, if a non-U.S. investor suffered losses in General Motors stock, they may move the Court to be appointed lead plaintiff in the General Motors class action lawsuit.
THE RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE GENERAL MOTORS CLASS ACTION LAWSUIT
A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the General Motors class action lawsuit. Some of the responsibilities of the Lead Plaintiff in the General Motors class action lawsuit include:
THE CLASS PERIOD DETERMINATION IN THE GENERAL MOTORS LAWSUIT
In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure.
To be a part of the class in the General Motors lawsuit, you must have suffered losses in General Motors stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against General Motors. CONTACT A GENERAL MOTORS STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN GENERAL MOTORS STOCK ABOUT A GENERAL MOTORS CLASS ACTION LAWSUIT
If you suffered losses in General Motors stock, contact General Motors stock loss lawyer Timothy L. Miles today for a free case evaluation about a General Motors class action lawsuit. Call today and see what a General Motors stock loss lawyer could do for you if you suffered losses in General Motors stock.
GENERAL MOTORS STOCK LOSS LAWYER TIMOTHY L. MILESNashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action: Class Action: Top 9National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime. Comments are closed.
|
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
July 2024
Categories
All
|
|
CONTACT
The Law Offices of Timothy L. Miles Tapestry at Brentwood Town Center 300 Centerview Dr., #247 Brentwood, TN 37027 Phone: (855) 846-6529 Email: [email protected] HOURS OF OPERATION Mon-Fri: 24/7 Sat-Sun: 24/7 |
RSS Feed