NEW YORK (TheStreet) -- General Motors (GM) CEO Mary Barra announced today that 15 employees have been fired in relation to the company's delay in disclosing an ignition switch defect which led to the deaths of 13 people, the Associated Press reports.
Berra's announcement came as she released the internal investigation report into the recall of the 2.6 million cars said to have faulty ignition switches.
The company plans on setting up a compensation fund to aid the families of those who died as a result of the defect.
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It took GM over 10 years to report the defect. The recall began in February 2014 with 780,000 older Chevrolet Cobalt and Pontiac G5 cars.
Shares of GM are down -0.30% to $36.41 on Thursday.
Separately, 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 multiple strengths, 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 and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."