INVESTOR NOTICE: A SHAREHOLDER CLASS ACTION HAS BEEN FILED AGAINST GENERAL MOTORS CORPORATION - GM
New York, NY (PrimeZone) October 7, 2005 - MURRAY, FRANK & SAILER LLP and the Law Offices of Avv. Pietro Adami have filed a class action lawsuit in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased or otherwise acquired the securities of General Motors Corporation (“General Motors” or the “Company”) (NYSE: GM) between February 25, 2002 and March 16, 2005, inclusive (the “Class Period”). MURRAY, FRANK & SAILER LLP and the Law Offices of Avv. Pietro Adami are seeking to pursue remedies under the Securities Exchange Act of 1934 against defendants General Motors, General Motors Acceptance Corporation, Peter R. Bible, Walter G. Borst, John M. Devine, and G. Richard Wagoner, Jr.
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Read the Complaint
The complaint alleges that defendants issued or caused to be issued materially false and misleading statements to the investing public with respect to the Company’s financial performance and condition during the relevant time. In addition, the Complaint alleges that during the fourth quarter of 2004 and the first quarter of 2005, defendants, with knowledge or reckless disregard of facts then in their possession, disseminated materially false and misleading projections with respect to GM’s first-quarter and year 2005 revenues, earnings and cash flow.
During the Class Period, defendants capitalized on the advantageous debt ratings assigned to the Company as a result of defendants’ materially false and misleading statements and omissions, by causing GM to issue more than $18 billion in debt securities. When the true facts finally began to come out at the end of the Class Period, the price of GM stock, which had closed at $32.71 on March 15, 2005, declined by $4.57 per share, or 14%, to close at $28.14 per share on March 16, 2005. The prices of the Company’s debt securities also declined in the market.
MURRAY, FRANK & SAILER LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired General Motors securities on any exchange between February 25, 2002 and March 16, 2005, and sustained damages, you may, no later than November 18, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Eric J. Belfi, Christopher S. Hinton or Bradley P. Dyer of MURRAY, FRANK & SAILER LLP.
MURRAY, FRANK & SAILER LLP
Eric J. Belfi
Christopher S. Hinton
Bradley P. Dyer
(800) 497-8076 or (212) 682-1818
Fax: (212) 682-1892
Email: [email protected]