SOURCE: Brower Piven, A Professional Corporation

September 12, 2008 18:10 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in General Electric Company Between March 12, 2008 and April 10, 2008 to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the September 29, 2008 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - September 12, 2008) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of purchasers of the common stock of General Electric Company ("GE" or the "Company") (NYSE: GE) during the period between March 12, 2008 and April 10, 2008, inclusive (the "Class Period").

Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 29, 2008 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/332-0030) to answer any questions you may have in that regard.

The complaint charges GE and certain of its executives with violations under the Securities Exchange Act of 1934. No class has yet been certified in the above action. According to the complaint, at the beginning of the Class Period defendants assured investors that the Company would meet its financial goals for 2008 and, with respect to the Company's financial services businesses, differentiated GE from other financial service providers, noting it could "withstand a market slowdown in the U.S. and still grow earnings." The complaint further alleges that these statements to investors were false when made because, among other information, defendants failed to disclose that GE's financial services division's investments had declined in value such that the Company would have to record mark-to-market losses and recognize certain asset impairments. As further alleged in the complaint, only about four weeks after assuring investors, a period during which pertinent information available to the Company remained substantially the same, the Company's assurances were revealed to have been unfounded. When new information about earnings was disclosed by the Company on April 11, 2008, the value of GE shares declined significantly.

If you have suffered a net loss for all transactions in General Electric Company securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-332-0030, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/332-0030
    Email Contact