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 Sections 10(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 ...
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