General Motors Company (NYSE: GM)

This lawsuit is for anyone who acquired securities in General Motors Company (NYSE: GM) from February 2, 2022 through October 26, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by downplaying both the problems with airbags in the Company’s vehicles and the safety issues the Company’s majority owned autonomous vehicle company, Cruise, was having with its autonomous vehicles.

On October 2, 2023, NBC Bay Area reported that a pedestrian had been run over by one of GM’s driverless Cruise AVs, sustaining major injuries. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on October 5, 2023, the National Highway Traffic Safety Administration (“NHTSA”) held a public hearing to recommend a recall of over 50 million airbag explosions that had been linked to potentially deadly explosions – at least 20 million of which were built into GM’s vehicles, with at least one having led to a confirmed fatality. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on October 24, 2023, the California Department of Motor Vehicles announced the immediate suspension of Cruise’s deployment and driverless testing permits, stating that Cruise had “misrepresented . . . information related to [the] safety of the autonomous technology of its vehicles.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on October 26, 2023, Cruise announced that it would pause all of its AV operations across the country “while [it] take[s] tike to examine [its] processes, systems, and tools.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in General Motors Company (NYSE: GM) from February 2, 2022 through October 26, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.