Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of New York on behalf of a class comprising all persons who purchased
the common stock of General Motors Company (“GM” or the “Company”)
(NYSE:GM) pursuant and/or traceable to the Company’s November 18, 2010
initial public offering (the “IPO”), seeking to pursue remedies under
the Securities Act of 1933.
GM designs, manufactures and markets cars, crossover vehicles, trucks
and automobile parts worldwide. The Complaint alleges that the Company’s
Registration Statement and Prospectus issued in connection with the IPO
were materially false and misleading. Specifically, the Complaint
alleges that the defendants misrepresented and/or failed to disclose
that: (1) GM was predicting revenue based on production rather than
actual sales; (2) the Company falsely assured investors that it was
actively managing its production by monitoring its dealer inventory
levels; and (3) the Company assured investors that its inventory
management would improve in 2011, which would improve average
transaction price.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased GM common stock pursuant and/or traceable to the Company’s
November 18, 2010 IPO, you have certain rights, and have until September
10, 2012 to move for lead plaintiff status. To be a member of the class
you need not take any action at this time, and you may retain counsel of
your choice. If you wish to discuss this action or have any questions
concerning this Notice or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by
email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
