On December 14, 2016, Reuters reported that according to the official China Daily newspaper, a senior state planning official said that "China will soon slap a penalty on an unnamed U.S. automaker for monopolistic behavior" and that Zhang Handong, the director of the National Development and Reform Commission's price supervision bureau, stated that "[i]nvestigators found the U.S. company had instructed distributors to fix prices starting in 2014." On that same day, Bloomberg published an article stating that "General Motors Co.'s joint venture in China with SAIC Motor Corp. is being investigated by the government for possible anti-trust violations, according to people familiar with the matter" and that "[s]ome dealerships in the SAIC-GM network were investigated over retail pricing practices."
On this news, General Motors stock has fallen as much as $1.31, or 3.51%, during intraday trading on December 14, 2016.
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Robert S. Willoughby
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SOURCE Pomerantz LLP