Troubled GM Faces Class Action As Layoffs Loom

Law360, New York (November 22, 2005, 12:00 AM EST) -- General Motors Corp. has inflated its annual revenue by as much as $400 million since 2001, according to a new securities fraud class action lawsuit filed Monday, the same day the automaker announced 30,000 layoffs in its U.S. plants.

The lawsuit, filed by Pomerantz Haudek Block Grossman & Gross LLP in the U.S. District Court for the Eastern District of Michigan, represents purchasers of GM’s stock between April 18, 2001 and Nov. 9, 2005.

In addition to GM, the suit names its chairman and chief executive...
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