NEW YORK (TheStreet) -- General Motors (GM) was falling 1.72% to $37.04 at 2:53 p.m. on Monday amid news that Anton "Tony" Valukas, the lawyer who investigated Lehman Brothers after the financial services firm's collapse in 2008, is leading the team investigating the company's recall tied to ignition switch issues that have been linked to 13 deaths.
Valukas is the chairman of the law firm Jenner & Block, whose lawyers are assisting with the probe of February's recall of more than 1.6 million vehicles. GM's general counsel, Michael Millikin, is co-leading the investigation.
The National Highway Traffic Safety Administration announced in late February that it had started an investigation into "the timeliness of General Motors' recall of faulty ignition switches to determine whether GM properly followed the legal processes and requirements for reporting recalls," according to USA Today. Federal law mandates that an automaker inform the NHTSA if it has a safety defect in its vehicles within five business days. GM spokesman Alan Adler said the company would "fully cooperate with the probe."
TheStreet Ratings team rates GENERAL MOTORS CO as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had sub par growth in net income."