GE Downplayed SEC, DOJ Inquiries Into Alstom Merger: Suit
Law360 (February 1, 2019, 10:08 PM EST) -- General Electric Co. and CEO H. Lawrence Culp Jr. failed to promptly disclose the full extent of an investigation into the energy giant’s 2015 acquisition of French multinational company Alstom Energy, an investor said Friday in a stock-drop suit filed in New York federal court.
Ezra Birnbaum claimed in his proposed securities class action that GE cost investors like him when the company waited weeks to disclose that the U.S. Securities and Exchange Commission had amplified an ongoing investigation into GE and that the U.S. Department of Justice had opened its own.
The SEC had been investigating the company’s accounting practices...
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