SETTLED
General Motors Stock Manipulation
FILING DEADLINES:
04/27/2016
CASE NUMBER:
14-CV-11191
CLASS PERIOD:
October 10, 2014 — December 10, 2014
TOTAL SETTLEMENT FUND:
$300,000,000.00
SETTLING DEFENDANTS
General Motors Company, Daniel F. Akerson, Daniel Ammann, Mary T. Barra, Nicholas S. Cyprus, Gay Kent, Christopher P. Liddell, Charles K. Stevens III, Thomas S. Timko
ELIGIBLE CLASS
All persons and entities, other than defendants, who purchased or otherwise acquired the publicly traded securities of GM from February 27, 2012 through May 25, 2017.
ELIGIBLE INSTRUMENTS
Publicly traded securities of GM.
Preliminary Allegations
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) the company installed three distinct defeat devices in over 700,000 trucks with Duramax diesel engines from 2011 to 2016 to beat emissions tests in the U.S.; (2) in turn, these trucks emit up to five times the legal limit of nitrogen oxide pollutants; and (3) as a result, the company’s public statements were materially false and misleading.
Case Summary
Securities class action on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired the publicly traded securities of GM from February 27, 2012 through May 25, 2017, pursuant to sections 10(b) & 20(a) of the Securities Exchange Act of 1934.
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Case UpdatesFri, February 7, 2014 573 Page Report submitted to NHTSA: “General Motors has decided that a defect, which relates to motor vehicle safety, exists in 2005-2007 model year Chevrolet Cobalt and 2007 Pontiac G5 vehicles.”
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BRIEF COMPANY PROFILE
Name: General Motors Co.
Country: United States
Industry: Auto & Truck Parts
Sector: Consumer Goods