LOS ANGELES, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises General Motors Company (“GM” or the “Company”) (NYSE: GM) investors that a lawsuit was filed on behalf of investors that purchased Archer-Daniels-Midland securities between February 10, 2021 and October 26, 2023, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
General Motors (GM), a global automotive manufacturing company based in Detroit, Michigan, is known for designing, producing, and selling trucks, crossovers, cars, and auto parts worldwide, under brands like Chevrolet, GMC, Cadillac, and Buick. GM has been working on self-driving technology since 2016 and began testing it on public roads by December 2020.
However, GM's products have faced multiple recalls due to defective airbag components since at least November 2020, leading to various lawsuits. Despite these issues, GM allegedly downplayed safety concerns regarding its airbags and the need for additional warranty accruals for recalls. Simultaneously, the company highlighted efforts to address airbag inflator defects.
The lawsuit claims that the defendants misled investors by:
- Minimizing safety concerns with GM vehicle airbags.
- Failing to disclose the necessity of recording additional warranty accruals for airbag-related recalls.
- Overstating the effectiveness of efforts to analyze airbag inflator defects.
- Concealing safety and regulatory issues related to GM's autonomous vehicle technology.
- Exaggerating the prospects of regulatory approval and adoption of GM's autonomous vehicles.
- Withholding information about increased risks of regulatory scrutiny, legal liabilities, product recalls, and damage to the company's reputation.
The truth emerged through several disclosures in October 2023:
- On October 2, 2023, news reported a pedestrian in San Francisco was severely injured by a driverless GM car.
- On October 5, 2023, it was revealed that at least 20 million GM vehicles had defective airbag inflators.
- On October 24, 2023, regulators suspended GM's driverless testing permits, citing safety concerns.
- On October 26, 2023, federal officials investigated reports of GM self-driving cars causing collisions due to hard braking, leading to the suspension of all autonomous vehicle operations. These events resulted in a decline in GM's stock price on each occasion.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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