NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into General Electric Company (NYSE: GE).
On October 20, 2017, GE revealed disappointing Q3 2017 results including EPS of $0.29, well below estimates of $0.49/share, and lowered 2017 earnings expectations to $1.05-$1.10 from $1.60-$1.70, its largest earnings miss in many years. On November 13, 2017, the Company revealed it was cutting its annual dividend in half, from $0.96 to $0.48 per share, only the second time it had cut its dividend since the Great Depression. On January 16, 2018, GE announced a $6.2 billion after-tax charge for Q4 2017 following a review of its GE Capital insurance portfolio as well as a $15 billion contribution spanning seven years to shore up the portfolio’s reserves. Then, on January 24, 2018, GE announced an investigation by the Securities and Exchange Commission relating to the company’s accounting practices and the previously disclosed charge.
The Company has been exposed to significant financial losses, including losing billions in market capital over the last year, investigations by the U.S. SEC and Justice Department, as well as securities class action lawsuits.
KSF’s investigation is focusing on whether GE’s officers and/or directors breached their fiduciary duties to GE’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of GE shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-ge/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.