GM INVESTOR ALERT  157  0 Kommentare Robbins Geller Rudman & Dowd LLP Announces that General Motors Company Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

https://www.rgrdlaw.com/cases-general-motors-company-class-action-laws ...

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.

CASE ALLEGATIONS: Cruise LLC is General Motors’ majority-owned global segment responsible for the development and commercialization of autonomous vehicles (“AV”).

The General Motors class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) General Motors downplayed concerns with its vehicles’ airbags and the need to record additional warranty accruals for related product recalls; (ii) General Motors overstated the extent and efficacy of its efforts to analyze defects in its vehicles’ airbag inflators; (iii) Cruise’s AVs and/or AV technology were less safe and well-developed than defendants had led investors, regulators, and the general public to believe; (iv) accordingly, regulatory approval of Cruise’s AV products was unsustainable and the prospects for widespread regulatory approval and adoption of Cruise’s AV products were overstated; and (v) all of the above subjected General Motors to an increased risk of governmental and/or regulatory scrutiny and enforcement action, significant legal liabilities, product recalls, and reputational harm.

The General Motors class action lawsuit further alleges that on October 2, 2023, NBC Bay Area reported that a pedestrian suffered major injuries after she was run over by and pinned beneath a driverless Cruise AV. On this news, the price of General Motors stock fell, according to the complaint.

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Then, on October 5, 2023, the National Highway Traffic Safety Administration held a public hearing to recommend a recall of more than 50 million airbag inflators that have been linked to potentially deadly explosions, according to the complaint. Citing people familiar with the matter, The Wall Street Journal subsequently reported that at least 20 million of General Motors’ vehicles were built with the defective airbag inflators in question, at least one of which had led to a confirmed fatality, the complaint further alleges. The General Motors class action lawsuit alleges that on this news, the price of General Motors stock fell.