General Motors, the auto company that vice president Joe Biden likes
to claim Obama saved singled-handedly during the virgin birth after
which the One was swaddled in a manger, is facing a class action lawsuit
for making “materially false and misleading” claims in the prospectus
for the new issue of stock it offered as it moved out of bankruptcy in
late fall 2010.
A statement issued by the law firm representing the class “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.”
GM stock has been in trouble since it was issued, drifting downward from $33 in November of 2010 to a close of near $19 today. The company currently has a market capitalization of around $29 billion after offering about $22 billion in stock to the public a year and a half ago.
Read more: http://finance.townhall.com/columnists/johnransom/2012/08/03/general_motors_obamacare_wrapped_in_solyndra_inside_some_misery
A statement issued by the law firm representing the class “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.”
GM stock has been in trouble since it was issued, drifting downward from $33 in November of 2010 to a close of near $19 today. The company currently has a market capitalization of around $29 billion after offering about $22 billion in stock to the public a year and a half ago.
Read more: http://finance.townhall.com/columnists/johnransom/2012/08/03/general_motors_obamacare_wrapped_in_solyndra_inside_some_misery
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