Baker Hughes Stock Suit Has 'No Basis In Fact,' GE Says

Law360 (February 14, 2020, 5:50 PM EST) -- General Electric Co. on Thursday sought to end a proposed securities class action it faces in Delaware Chancery Court, saying the investors have no reason to claim that GE used deceptive financial statements to strong-arm energy company Baker Hughes Inc. into merging with it.

GE's motion to dismiss the consolidated proposed securities class action filed by Baker Hughes investors told Chancellor Andre G. Bouchard that the investors' claims "have no basis in fact or law."

"Plaintiffs improperly seek to substitute their own judgment for that of Baker Hughes' independent, non-conflicted board and in turn hold GE — an unaffiliated, third-party acquirer...

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