General Motors
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
General Motors (GM), a global automotive manufacturing company based in Detroit, Michigan, is known for designing, producing, and selling trucks, crossovers, cars, and auto parts worldwide, under brands like Chevrolet, GMC, Cadillac, and Buick. GM has been working on self-driving technology since 2016 and began testing it on public roads by December 2020.
However, GM’s products have faced multiple recalls due to defective airbag components since at least November 2020, leading to various lawsuits. Despite these issues, GM allegedly downplayed safety concerns regarding its airbags and the need for additional warranty accruals for recalls. Simultaneously, the company highlighted efforts to address airbag inflator defects.
The lawsuit claims that the defendants misled investors by:
- Minimizing safety concerns with GM vehicle airbags.
- Failing to disclose the necessity of recording additional warranty accruals for airbag-related recalls.
- Overstating the effectiveness of efforts to analyze airbag inflator defects.
- Concealing safety and regulatory issues related to GM’s autonomous vehicle technology.
- Exaggerating the prospects of regulatory approval and adoption of GM’s autonomous vehicles.
- Withholding information about increased risks of regulatory scrutiny, legal liabilities, product recalls, and damage to the company’s reputation.
The truth emerged through several disclosures in October 2023:
- On October 2, 2023, news reported a pedestrian in San Francisco was severely injured by a driverless GM car.
- On October 5, 2023, it was revealed that at least 20 million GM vehicles had defective airbag inflators.
- On October 24, 2023, regulators suspended GM’s driverless testing permits, citing safety concerns.
- On October 26, 2023, federal officials investigated reports of GM self-driving cars causing collisions due to hard braking, leading to the suspension of all autonomous vehicle operations. These events resulted in a decline in GM’s stock price on each occasion.
