GE Misled Baker Hughes Prior To Merger, Chancery Suit Says

Law360 (August 14, 2019, 10:56 AM EDT) -- Shareholders in the oil and gas services company Baker Hughes sued the company's executives and General Electric in Delaware Chancery Court late Tuesday, saying GE fed false information to the Baker Hughes board to convince it to accept the terms of a merger.

According to the proposed class action, GE provided "false financial statements that significantly inflated the prospects of its struggling oil and gas business," the sector of the company that acquired Baker Hughes in July 2017. The deal led to the creation of a new company known as "Baker Hughes, a GE company."

The suit, brought by Tri-State Joint Fund,...

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