BENSALEM, Pa.--(BUSINESS WIRE)--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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.