NEW YORK, April 29, 2009 (GLOBE NEWSWIRE) -- On April 27, 2009, Horwitz, Horwitz & Paradis, Attorneys at Law, filed a class action lawsuit in United States District Court for the Southern District of New York on behalf of purchasers of the common stock of General Electric Company (the "GE") through and including December 16, 2008 and February 27, 2009 (the "Class Period"), who were damaged thereby, seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that on December 16, 2008, the Company stated that GE was maintaining its annual dividend at $1.24 in 2009. Moreover, on January 23, 2009, GE's Chairman and CEO, Jeffrey Immelt, again stated that GE would maintain its quarterly $.31 per share dividend for 2009. In direct contradiction to these statements, however, on February 27, 2009, GE announced it was cutting the dividend to $.10 per share. The next day, GE shares fell from $8.51 per share to $7.60 per share. Plaintiff alleges that GE and Immelt violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading statements. Shareholders may obtain a copy of the complaint by contacting plaintiff's counsel at the phone number or e-mail addresses listed below.
If you are a member of the class described above, you may move the Court, no later than May 4, 2009, to serve as lead plaintiff; however, you must meet certain legal requirements. Plaintiff is represented by Horwitz, Horwitz & Paradis, Attorneys at Law, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Michael Schwartz, Esq. or Frank Schirripa, Esq, at 212-404-2200, or via e-mail at mschwartz@hhplawny.com or fshirripa@hhplawny.com.