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Accused - USA - Suit says GM misled investors about financial status
USA -BLOOMBERG, by DAVID GLOVIN -Sept 20, 2005 :-/ General Motors Corp. is accused in a lawsuit of defrauding investors from early 2002 until March 2005, when it restated 2004 fourth-quarter earnings and slashed its annual profit estimate... The suit, filed in New York federal court Monday as a class action, seeks unspecified damages. The investor, Folksam Asset Management, is suing on behalf of the company's bondholders and stockholders from February 2002 to March... The suit claims GM misled investors about its financial condition in public statements the company issued. GM officials should have known that a Jan. 20, 2004, statement reporting "solid overall results" would deceive investors, according to court papers.
posted by Unknown @ 11:25 AM
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