In re General Electric Co. Securities Litigation
Home
Home
Notice
Notice
Claim Form
Claim Form
Court Documents
Court Documents
Institutional Electronic Filing
Institutional Electronic Filing
How to Report a Change of Address
How to Report a Change of Address
How to Report a Name Change
How to Report a Name Change
The information contained on this web page is only a summary of information presented in more detail in the Second Revised Full Notice of Class Action, Proposed Settlement, Motion for Attorneys’ Fees, and Settlement Hearing (the “Full Notice”), which you can access by clicking here.  Since this website is just a summary, you should review the Full Notice for additional details.
  
Your legal rights are affected whether you act or do not act.  Please read the Full Notice carefully. 
 
IF YOU PURCHASED OR ACQUIRED THE PUBLICLY TRADED COMMON STOCK OF GENERAL ELECTRIC COMPANY (“GE”) FROM SEPTEMBER 25, 2008 THROUGH MARCH 19, 2009, INCLUSIVE (THE “CLASS PERIOD”), YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

IMPORTANT DATES AND DEADLINES
SUBMIT A PROOF OF CLAIM
Deadline has passed
 
 
EXCLUDE YOURSELF
Deadline has passed
OBJECT TO THE SETTLEMENT
Deadline has passed
SETTLEMENT HEARING
September 6, 2013 at 2:00 p.m.
United States District Court for the Southern District of New York
 
 
 
The Court’s Settlement Hearing
The Court held a Settlement Hearing at 2:00 p.m. on September 6, 2013 at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 15B, New York, NY 10007.  At this hearing, the Honorable Denise Cote approved the Settlement as fair, reasonable, and adequate.  The Court also approved the Plan of Allocation for the Settlement Fund and the application of Lead Counsel for attorneys’ fees and reimbursement of expenses.
 
What is this case about?
On June 9, 2010, Lead Plaintiff filed the operative Second Consolidated Class Action Complaint for Violations of the Federal Securities Laws (the “Complaint”).  The Complaint generally alleged, among other things, that the Defendants violated Sections10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making alleged misstatements and omissions during the Class Period concerning GE’s business condition, including its commercial paper program, its shareholder dividend, its AAA credit rating, the GE Capital earnings projection for 2009, the credit quality of GE Capital’s loan portfolio, and certain of GE’s accounting practices related to loan loss reserves and the reclassification of assets, and that the Defendants violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 by making alleged misstatements and omissions concerning certain of the foregoing subject matters in the offering materials that GE issued in connection with GE’s October 2008 secondary offering of GE Common Stock.  The Complaint further alleged that Lead Plaintiff and other Settlement Class Members purchased or acquired GE Common Stock during the Class Period at prices that were artificially inflated as a result of these alleged misstatements and omissions, and were damaged thereby.
 
Defendants have denied and continue to deny (i) all the claims alleged by Lead Plaintiff on behalf of the Settlement Class; (ii) all allegations of wrongdoing, fault, liability, or damages to Lead Plaintiff and/or the Settlement Class; and (iii) that they have committed any act or omission giving rise to any liability or violation of law, including the U.S. securities laws.  Defendants believe that they acted at all times properly, in good faith, and consistently with their legal duties and obligations.  Although the Settling Defendants believe that the claims in the Action lack merit and that they ultimately would prevail upon a determination of their motion for judgment on the pleadings, at summary judgment, or at trial, the Settling Defendants agreed to enter into the Settlement solely to eliminate the burden, expense, and distraction of continuing to litigate the Action.
 
The Settlement Benefits
In exchange for the Settlement and the release of the Released Claims against the Released Defendants, the Settling Defendants have agreed to create a $40 million cash fund, which will earn interest, to be divided after deduction of Court-awarded attorneys’ fees and expenses, settlement administration costs, and any applicable taxes (the “Net Settlement Fund”) among all Settlement Class Members who send in timely and valid Proofs of Claim.
 
Each Authorized Claimant’s share of the Settlement Fund will depend on a number of factors, including the number of shares that were purchased or sold during the Class Period and the dates of such purchases and sales.  The exact amount, if any, of each Authorized Claimant’s payment will be determined according to a Court-approved Plan of Allocation. The proposed Plan of Allocation can be found on page 9 of the Full Notice.
 
The Rights of the Settlement Class Members
If you are a Class Member, you have the following options:
 
Submit a Proof of Claim
If you are a potential Settlement Class Member, to be eligible to share in the distribution of the Settlement proceeds, you must timely submit a valid Proof of Claim, which can be found herepostmarked no later than October 11, 2013. If you are a potential Settlement Class Member and do not submit a valid Proof of Claim form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action. 
 

 
Exclude yourself from the Settlement
If you are a potential Settlement Class Member, but wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Full Notice, postmarked no later than July 26, 2013. If your original postcard notice was postmarked on or after July 15, 2013, the Court has extended your time to request exclusion from the Settlement Class until August 22, 2013. If you are a potential Settlement Class Member and do not timely exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in the Action.
 
Object to the Settlement
Any objections to the proposed Settlement, Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and reimbursement of expenses must be mailed to counsel for the Settling Parties in accordance with the instructions set forth in the Full Notice, postmarked no later than August 2, 2013, and filed with the Court no later than August 2, 2013. If your original postcard was postmarked on or after July 15, 2013, the Court has extended your time to object to the Settlement until August 22, 2013. 
 
 
 
Further Information:
This website and the Full Notice summarizes the proposed Settlement.  For more details regarding this Settlement please reference the Stipulation dated April 29, 2013, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding this Settlement:
 
Claims Administrator:
 
In re General Electric Co. Securities Litigation
c/o A.B. Data, Ltd.
PO Box 170900
Milwaukee, WI  53217
800-391-9724
 
Lead Counsel:
 
Kathleen M. Donovan-Maher, Esq.
BERMAN DEVALERIO
One Liberty Square
Boston, MA  02109
 
 
 
 
If you have questions, you may call the GE Securities Litigation Help Line at 800-391-9724 or email info@GESecuritiesLitigation.com.
adobe reader imageYou will need Adobe Reader to view documents on this site. You can learn more about Adobe Reader and download the latest version by clicking here.