NEW YORK, Nov. 11, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of General Motors Company (“GM” or the “Company”) (NYSE: GM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether GM and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 24, 2023, the California Department of Motor Vehicles (“California DMV”) issued a statement announcing the immediate suspension of the deployment and driverless testing permits of Cruise LLC (“Cruise”), General Motors’ majority-owned autonomous vehicle (“AV”) unit, following a hit-and-run incident involving one of Cruise’s AVs that left a pedestrian severely injured earlier in the month. In suspending Cruise’s permits, the California DMV cited, among other issues, that Cruise “ha[d] misrepresented . . . information related to safety of the autonomous technology of its vehicles.”
On this news, General Motors’ stock price fell $0.66 per share, or 2.26%, to close at $28.56 per share on October 24, 2023.
Then, on October 26, 2023, Cruise announced via a post on X (formerly Twitter) that it would pause all of its AV operations across the country “while we take time to examine our processes, systems, and tools and reflect on how we can better operate in a way that will earn public trust.”
On this news, General Motors’ stock price fell $1.33 per share, or 4.66%, to close at $27.22 per share on October 27, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
