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LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In General Electric Company To Contact The Firm

2019-02-08 15:23 ET - News Release

NEW YORK, NY / ACCESSWIRE / February 8, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in General Electric Company ("General Electric" or the "Company") (NYSE: GE) of the January 2, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in General Electric stock or options between July 21, 2017 and October 20, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/GE. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at877-247-4292 or at 212-983-9330 or by sending an e-mail torgonnello@faruqilaw.com.

CONTACT:

FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased General Electric securities between July 21, 2017 and October 20, 2017 (the "Class Period"). The case, Hachem v. GeneralElectric Inc. et al, No. 1:17-cv-08457 was filed on November 1, 2017, and has been assigned to Jesse Matthew Furman.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (1) that the Company's various operating segments, including its Power segment, were underperforming Company projections, with order drops, excess inventories and increased costs; (2) as a result the Company overstated its full year 2017 guidance; and, (3) that, as a result of the foregoing, the Company's statements regarding its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Specifically, on October 20, 2017, the Company disclosed earnings per share of $0.29, falling below estimates of $0.49. The Company also lowered its 2017 earnings expectations from $1.60-$1.70 to $1.05-$1.10. On the same day, the Company held a conference call to discuss its financial results. During this call, John Flannery, General Electric's Chief Executive Officer, expressed that despite the Company having "many areas of strength", that "it's also clear from our current results that we need to make some major changes with urgency and a depth of purpose. Our results are unacceptable, to say the least."

Following this disclosure, General Electric's share price fell from $23.83 per share on October 20, 2017 to a closing price of $22.32 on October 23, 2017 - a $1.51 or a 6.34% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding General Electric's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE: Faruqi & Faruqi, LLP



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