STEVENSON, Md., May 12, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Michigan on behalf of purchasers of General Motors Company ("GM" or the "Company") (NYSE:GM) securities during the period between November 17, 2010 and March 21, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in GM securities purchased on or after November 17, 2010 and held through the revelation of negative information during and/or at the end of the Class Period, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or financial obligation, click here: http://www.browerpiven.com/securitiesfraudcases.html.
You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 20, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that (i) GM was in breach of applicable industry and government regulations and policies concerning passenger and automotive safety; (ii) that GM was subject to criminal and civil litigation and potentially devastating harm to its reputation and future revenues; (iii) that over three million GM cars contained defects subjecting drivers, passengers and others to devastating, and at times fatal, injuries; and, (iv) that despite GM's knowledge of such potential harm to drivers and passengers, as early as 2001, the Company refused to recall such vehicles, leading to at least twelve reported deaths and countless injuries.
According to the complaint, following the Company's February 7, 2014 notification to 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, after the February 24, 2014 expansion of the recall to include the 2003-2007 Saturn Ion, 2006-2007 Chevrolet HHR and Pontiac Solstice, and 2007 Saturn Sky, and following the March 11, 2014 letter to the NHTSA detailing the alleged issues with GM's ignition switches with a chronology of the Company's discovery of such problems and failure to properly advise consumers and regulators, the value of GM shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland Charles J. Piven 410-415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation