Case Summary

General Motors

NYSE: GM

Case Details

  • Shamoon v. General Motors Company et al.
  • Class Period:February 02, 2022 - October 26, 2023
  • Date Filed:December 08, 2023
  • Jurisdiction:U.S. District Court, Eastern District of Michigan
  • Docket Number: 2:23-cv-13132
  • Lead Plaintiff Deadline: February 6, 2024
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Overview

A class action lawsuit has been filed against General Motors Company, (“General Motors”, “GM”, or the “Company”) (NYSE: GM) and certain of the Company’s top executive officers alleging that they violated the federal securities laws.  The lawsuit seeks to represent all persons and entities who purchased or otherwise acquired GM securities between February 2, 2022, and October 26, 2023, both dates inclusive (the “Class Period”).

General Motors Company designs, builds and sells trucks, crossovers, cars, and automobile parts and provides software-enabled services and subscriptions worldwide.

As alleged in the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (i) GM downplayed concerns with its vehicles’ airbags and the need to record additional warranty accruals for related product recalls; (ii) GM overstated the extent and efficacy of its efforts to analyze defects in its vehicles’ airbag inflators; (iii) Cruise’s AVs and/or AV technology were less safe and well[1]developed than Defendants had led investors, regulators, and the general public to believe; (iv) accordingly, regulatory approval of Cruise’s AV products was unsustainable and the prospects for widespread regulatory approval and adoption of Cruise’s AV products were overstated; (v) all the foregoing subjected GM to an increased risk of governmental and/or regulatory scrutiny and enforcement action, significant legal liabilities, product recalls, and reputational harm; and (vi) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

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If you purchased or otherwise acquired publicly traded GM securities between February 2, 2022, and October 26, 2023, both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the General Motors lawsuit is February 06, 2024.

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