WAYNE, Pa.--()--Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/gm) has commenced an investigation into potential securities law violations by certain officers of General Motors Company (“GM” or the “Company”) (NYSE: GM) and several underwriting investment banks for possible violations of the federal securities laws in connection with the Company's November 18, 2010 Initial Public Offering (the ”IPO”).
GM shareholders who purchased their shares pursuant and/or traceable to GM's IPO should contact Richard A. Maniskas, Esquire at 877-316-3218 or at rmaniskas@rmclasslaw.com to learn more about this investigation.
The investigation surrounds the allegation that the Registration Statement and Prospectus issued by GM in connection with the IPO were false, misleading and in violation of the Securities Act of 1933 by falsely reassuring investors that GM was actively managing their production levels through monitoring of dealer inventory. In addition, GM assured investors that in 2011, it would improve inventory management, which would improve average transaction price.
A July 5, 2011 article published by Bloomberg revealed that GM may have been stuffing its channels with excess inventory. The article stated that its truck inventory had ballooned to an average of 122 days worth of average sales compared to 60 to 70 days for most other models. Indeed, GM had to close two U.S. pickup truck plants for two weeks in July 2011 as sales of pickups begin to wane and trucks are backlogged on dealer lots. In the three months following the article, GM's share price fell from more than $31.00 to below $20.00, far below the IPO price of $33.00.
If you purchased the common stock and/or preferred shares of GM pursuant and/or traceable to the Company's IPO and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/gm. You may also email Mr. Maniskas at rmaniskas@rmclasslaw.com. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
GM shareholders who purchased their shares pursuant and/or traceable to GM's IPO should contact Richard A. Maniskas, Esquire at 877-316-3218 or at rmaniskas@rmclasslaw.com to learn more about this investigation.
The investigation surrounds the allegation that the Registration Statement and Prospectus issued by GM in connection with the IPO were false, misleading and in violation of the Securities Act of 1933 by falsely reassuring investors that GM was actively managing their production levels through monitoring of dealer inventory. In addition, GM assured investors that in 2011, it would improve inventory management, which would improve average transaction price.
A July 5, 2011 article published by Bloomberg revealed that GM may have been stuffing its channels with excess inventory. The article stated that its truck inventory had ballooned to an average of 122 days worth of average sales compared to 60 to 70 days for most other models. Indeed, GM had to close two U.S. pickup truck plants for two weeks in July 2011 as sales of pickups begin to wane and trucks are backlogged on dealer lots. In the three months following the article, GM's share price fell from more than $31.00 to below $20.00, far below the IPO price of $33.00.
If you purchased the common stock and/or preferred shares of GM pursuant and/or traceable to the Company's IPO and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/gm. You may also email Mr. Maniskas at rmaniskas@rmclasslaw.com. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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