NEW YORK, Dec. 14, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of General Motors Company ("GM" or the "Company") (NYSE: GM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether GM and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP