PHILADELPHIA, March 9, 2009 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, Southern District of New York, 09cv2084, on behalf purchasers of common stock of General Electric Company ("GE") (NYSE:GE) between January 23, 2009 and February 27, 2009, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable Shira Scheindlin.
If you wish to serve as lead plaintiff, you must move the Court no later than May 2, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any person who purchased GE common stock during the Class Period may move the Court to serve as lead plaintiff through counsel of his choice, or may choose to do nothing and remain an absent class member.
The complaint charges that GE and its Chief Executive Officer, Jeffrey Immelt, violated federal securities laws by making false and misleading statements regarding GE's common stock dividend in 2009. Specifically, GE, since its inception in 1899, had paid a dividend on its common stock. As the credit crisis in the capital markets continued and intensified in 2009, the market began to seriously question whether GE would be able to maintain its common stock dividend. After stating on numerous occasions during the Class Period that GE's common stock dividend was safe, defendants suddenly, on February 27, 2009, issued a press release stating that they were cutting GE's common stock dividend by 68% commencing with the third quarter of 2009 and that GE would pay a dividend of only $0.10 per share, down from $0.341 per share. When defendants disclosed the truth to the market on February 27, 2009, GE's common stock price plummeted.
Plaintiff seeks to recover damages on behalf of all persons who purchased the common stock of General Electric Company (NYSE:GE) between January 23, 2009 and February 27, 2009, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters, PLEASE CONTACT:
Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com
Website: http://www.bernardmgross.com