San Diego, CA -- (SBWIRE) -- 05/27/2014 -- An investigation on behalf of current long-term investors in shares of General Motors Company (NYSE:GM) concerning potential breaches of fiduciary duties by certain directors and officers of General Motors was announced.
Investors who are current long term investors in General Motors Company (NYSE:GM) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in General Motors Company (NYSE:GM) stocks follows a lawsuit filed recently against General Motors Company over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:GM stocks, concerns whether certain General Motors officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District of Michigan the plaintiff alleges that General Motors Company violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff claims that the defendants allegedly made false and/or misleading statements and/or failed to disclose that General Motors Company was in breach of applicable industry and government regulations and policies concerning passenger and automotive safety, that General Motors Company was subject to criminal and civil litigation and potentially devastating harm to its reputation and future revenues, that over three million General Motors Company cars contained defects subjecting drivers, passengers and others to devastating, and at times fatal, injuries, that General Motors Company lacked adequate internal controls, that despite defendants' allegedly knowing of such potential harm to drivers and passengers, as early as 2001, General Motors Company refused to recall such vehicles for a quick and inexpensive fix to the cars' ignition switches, leading to at least twelve reported deaths and countless injuries, and that as a result of the foregoing General Motors Company's statements were allegedly materially false and misleading at all relevant times.
On February 7, 2014, General Motors Company notified the National Highway Traffic Safety Administration ("NHTSA") of its decision to recall 2005-2007 Chevrolet Cobalt and 2007 Pontiac G5 vehicles, due to defects in the manufacturing of their key ignition switches.
On February 24, 2014, General Motors Company expanded the recall to include the 2003-2007 Saturn Ion, 2006-2007 Chevrolet HHR and Pontiac Solstice, and 2007 Saturn Sky. These initial recall announcements included more than 1.65 million vehicles.
On March 11, 2014, General Motors Company sent a letter to the NHTSA detailing the alleged issues with General Motors Company's ignition switches and submitted a chronology of General Motors Company’s discovery of such problems and failure to properly advise consumers and regulators, leading to various injuries and deaths.
Shares of General Motors Company (NYSE:GM) declined from $41.53 per share in December 2013 to as low as $33.03 per share on May 20, 2014..
On May 23, 2014, NYSE:GM shares closed at $33.63 per share.
Those who purchased shares of General Motors Company (NYSE:GM) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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