The complaint filed by the Cleveland Bakers and Teamsters Pension Fund appears to be the first proposed shareholder class action accusing GE of securities fraud since the company surprised investors with two negative announcements last month, according to Reuters.
The lawsuit, which also names as defendants CEO John Flannery, former CEO Jeffrey Immelt, CFO Jamie Miller and former CFO Jeffrey Bornstein, seeks damages on behalf of shareholders from Feb. 26, 2013 to Jan. 24, 2018.
Now read: Another Shoe To Drop At GE? »
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