LOS ANGELES, Dec. 20, 2023 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming February 6, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired General Motors Company (“GM” or the “Company”) (NYSE: GM) securities between February 2, 2022 and October 26, 2023, inclusive (the “Class Period”).
If you suffered a loss on your General Motors investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/General-Motors-Company-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On October 2, 2023, NBC Bay Area reported that a pedestrian had been run over by one of GM’s driverless Cruise AVs, sustaining major injuries. On this news, GM’s stock price fell $1.09, or 3.5%, to close at $31.38 per share on October 3, 2023, thereby injuring investors.
Then, on October 5, 2023, the National Highway Traffic Safety Administration (“NHTSA”) held a public hearing to recommend a recall of over 50 million airbags that had been linked to potentially deadly explosions – at least 20 million of which were built into GM’s vehicles, with at least one having led to a confirmed fatality. On this news, GM’s stock price fell $0.73, or 2.4%, to close at $30.31 per share on October 5, 2023.
Then, 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 had “misrepresented . . . information related to [the] safety of the autonomous technology of its vehicles.” On this news, GM’s stock price fell $0.66, or 2.3%, to close at $28.56 per share on October 24, 2023.
Then, on October 26, 2023, Cruise announced that it would pause all of its AV operations across the country “while [it] take[s] time to examine [its] processes, systems, and tools.” On this news, GM’s stock price fell $1.33, or 4.7%, to close at $27.22 per share on October 27, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) GM downplayed concerns with its vehicles’ airbags and the need to record additional warranty accruals for related product recalls; (2) GM overstated the extent and efficacy of its efforts to analyze defects in its vehicles’ airbag inflators; (3) 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; (4) 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; (5) all the foregoing subjected GM to an increased risk of governmental and/or regulatory scrutiny and enforcement action, significant legal liabilities, product recalls, and reputational harm; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired General Motors securities during the Class Period, you may move the Court no later than February 6, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
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