NEW YORK, April 18, 2014 /PRNewswire/ -- Pomerantz LLP announces the filing of a class action lawsuit against General Motors Company ("GM" or the "Company")(NYSE: GM) and certain of its officers. The class action, filed in United States District Court, Eastern District of Michigan, and docketed under 14-cv-11191 is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of GM between November 17, 2010 and March 21, 2014, both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased GM securities during the Class Period, you have until May 20, 2014, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
GM is one of the nation's oldest and largest car manufacturers. With a dealership network that spans the globe and over 200,000 employees, the Company plays a major role in the United States and international automobile market.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) GM was in breach of applicable industry and government regulations and policies concerning passenger and automotive safety; (2) the Company was subject to criminal and civil litigation and potentially devastating harm to its reputation and future revenues; (3) over three million GM cars contained defects subjecting drivers, passengers and others to devastating, and at times fatal, injuries; (4) the Company lacked adequate internal controls; (5) despite defendants' knowing of such potential harm to drivers and passengers, as early as 2001, the Company refused to recall such vehicles for a quick and inexpensive fix to the cars' ignition switches, leading to at least twelve reported deaths and countless injuries; and, (6) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.