SAN DIEGO, Dec. 11, 2023 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of General Motors Company (NYSE: GM) securities between February 2, 2022 and October 26, 2023, both dates inclusive (the “Class Period”), have until February 6, 2023 to seek appointment as lead plaintiff of the General Motors class action lawsuit. 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 substantial losses and wish to serve as lead plaintiff of the General Motors class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-general-motors-company-class-action-lawsuit-gm.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
CASE ALLEGATIONS: 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: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired General Motors securities during the Class Period to seek appointment as lead plaintiff of 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 General Motors class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the General Motors class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the General Motors class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
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