Lawsuit filed for Investors in shares of General Motors Company (NYSE: GM)

An investor, who purchased shares of General Motors Company (NYSE: GM), filed a lawsuit over alleged violations of Federal Securities Laws by General Motors Company in connection with certain allegedly false and misleading statements made between February 2, 2022 and October 26, 2023.

Investors who purchased shares of General Motors Company (NYSE: GM) have certain options and for certain investors are short and strict deadlines running. Deadline: February 6, 2024. NYSE: GM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Chicago, IL based General Motors Company is an automotive manufacturing company that designs, builds, and sells trucks, crossovers, cars, and automobile parts worldwide. The Company markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.
Cruise LLC ("Cruise") is General Motors Company's majority-owned global segment responsible for the development and commercialization of autonomous vehicle ("AV")-i.e., driverless-technology. Cruise has secured various testing and driving permits for its AVs on the ostensible premise that those AVs were sufficiently safe for such purposes.
Since at least as early as November 2020, General Motors Company's products have been the subject of multiple recalls because of defective airbag components in the Company's vehicles, exposing the Company to various global lawsuits. Nevertheless, General Motors Company has consistently downplayed safety concerns related to its vehicles' airbags and the need to record additional warranty accruals for related product recalls, while touting the Company's efforts to identify and address perceived defects with its vehicles' airbag inflators.

On October 2, 2023, NBC Bay Area reported that a pedestrian suffered major injuries after she was run over by and pinned beneath a driverless Cruise AV. NBC Bay Area further reported that Cruise was cooperating with law enforcement regarding the incident.

On October 5, 2023, the National Highway Traffic Safety Administration held a public hearing to recommend a recall of more than 50 million airbag inflators that have been linked to potentially deadly explosions. Citing people familiar with the matter, The Wall Street Journal ("WSJ") subsequently reported that at least 20 million of General Motors Company 's vehicles were built with the defective airbag inflators in question, at least one of which had led to a confirmed fatality.

On October 24, 2023, the California Department of Motor Vehicles ("California DMV") issued a statement announcing the immediate suspension of Cruise's deployment and driverless testing permits.  In suspending Cruise's permits, the California DMV cited, among other issues, that Cruise "ha[d] misrepresented . . . information related to [the] safety of the autonomous technology of its vehicles."

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."

Shares of General Motors Company (NYSE: GM) declined from $51.38 per share on February 03, 2023, to as low as $20.46 per share on December 07, 2023

The plaintiff claims that between February 2, 2022 and October 26, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that General Motors Company downplayed concerns with its vehicles' airbags and the need to record additional warranty accruals for related product recalls, that General Motors Company overstated the extent and efficacy of its efforts to analyze defects in its vehicles' airbag inflators, that Cruise's AVs and/or AV technology were less safe and well-developed than Defendants had led investors, regulators, and the general public to believe;, that 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, that all the foregoing subjected General Motors Company to an increased risk of governmental and/or regulatory scrutiny and enforcement action, significant legal liabilities, product recalls, and reputational harm, and that as a result, Defendants' public statements were materially false and/or misleading at all relevant times.

Those who purchased shares of General Motors Company (NYSE: GM) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.