The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency of Class Action. Because this website is just a summary, you should review the Notice and Frequently Asked Questions for additional details.
Summary of the Action
The purpose of the Notice is to inform you of a class action lawsuit now pending in the United States District Court for the Southern District of New York (“Court”) against General Electric Company (“GE”) and former GE executive Jeffrey Bornstein (together, “Defendants”). The Notice is intended only to advise you that the action has been certified by the Court to proceed as a class action on behalf of certain purchasers and/or acquirers of GE common stock and your rights with respect to the lawsuit. If you do not wish to be a part of the Court-certified Class (as defined below), you must respond to the notice with a written request for exclusion by August 15, 2022.
On April 11, 2022 the Court entered an order certifying the Class as set forth in the Notice and appointing plaintiffs, Sjunde AP-Fonden and The Cleveland Bakers and Teamsters Pension Fund as Class Representatives; Kessler Topaz Meltzer & Check, LLP as Class Counsel; and Grant & Eisenhofer P.A. as Liaison Counsel.
The Class consists of:
All persons and entities that purchased or acquired GE common stock between February 29, 2016 and January 23, 2018, inclusive and were damaged thereby.
Excluded from the Class are: (a) Defendants; (b) GE's subsidiaries and affiliates; (c) any officer, director, or controlling person of GE, and members of the immediate families of such persons; (d) any entity in which any Defendant has a controlling interest; (e) Defendants' directors' and officers' liability insurance carriers, and any affiliates or subsidiaries thereof; and (f) the legal representatives, heirs, successors, and assigns of any such excluded party.
The Notice is directed to members of the Class. If you are a member of the Class, your rights will be affected by the Action. If you do not meet the Class definition, the Notice does not apply to you. If you are uncertain whether you are a member of the Class, please contact Class Counsel, or your own attorney.
The Notice is not an admission by Defendants or an expression of any opinion by the Court as to the merits of the Action, or a finding by the Court that the claims asserted by Class Representatives in the Action are valid. This Notice is intended solely to inform you of the pendency of the Action and of your rights concerning the Action, including the right to request exclusion from the Class if you are a member of the Class. There is no judgment, settlement, or monetary recovery at this time, and there is no assurance that a judgment in favor of the Class will be granted or that the Court will award the Class a monetary recovery. Defendants have denied Class Representative’s claims, and contend that they are not liable for the harm alleged by Class Representatives
|What are my options?
|Do nothing and remain in the Class
If you are a Class Member and choose to remain a member of the Class, you do not have to do anything at this time (other than retain your records of your transactions in GE common stock during the Class Period).
You will be bound by past, present, and future orders and judgments in the Action, whether favorable or unfavorable. If any money is awarded to the Class, either through a settlement with Defendants or a judgment of the Court after a trial and appeal, you may be eligible to receive a share of that award.
If you remain a member of the Class, you may not pursue a lawsuit on your own behalf with regard to any of the issues in this Action. Pursuant to Rule 23(e)(4) of the Federal Rules of Civil Procedure, it is within the Court's discretion whether to allow a second opportunity to request exclusion from the Class if there is a settlement or judgment in the Action after a trial and appeal.
Additional information regarding your rights and options as a Class Member is included in the Notice.
|Request to be excluded from the Class by August 15, 2022
If you choose to be excluded from the Class, you will not be bound by any orders or judgments in the Action, nor will you be eligible to share in any recovery that might be obtained in the Action.
You will retain any right you have to individually pursue any legal rights that you may have against Defendants with respect to the claims asserted in the Action.
Further information regarding the requirements for submitting a valid request for exclusion from the Class is included in the Notice.
Do not request exclusion if you wish to participate in the Action as a Class Member.
How do I obtain more information?
Detailed information about the Action is contained in the Notice. Additional information can also be obtained by contacting the Administrator by calling toll-free 1-844-202-9485; or emailing info@GeneralElectricSecuritiesLitigation.com; or mailing a letter to:
General Electric Securities Litigation
c/o JND Legal Administration
P.O. Box 91449
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.