Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of General Motors Company (GM) on Behalf of Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of General Motors Company (“GM” or the “Company”) (NYSE: GM) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your GM investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/General-Motors-Company-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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, GM’s stock price fell $1.09, or 3.5%, to close at $31.38 per share on October 3, 2023, thereby injuring investors.

Then, on October 5, 2023, the National Highway Traffic Safety Administration (“NHTSA”) held a public hearing to recommend a recall of over 50 million airbags 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, GM’s stock price fell $0.73, or 2.4%, to close at $30.31 per share on October 5, 2023.

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, GM’s stock price fell $0.66, or 2.3%, to close at $28.56 per share on October 24, 2023.

Then, on October 26, 2023, Cruise announced that it would pause all of its AV operations across the country “while [it] take[s] time to examine [its] processes, systems, and tools.” On this news, GM’s stock price fell $1.33, or 4.7%, to close at $27.22 per share on October 27, 2023, thereby injuring investors further.

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Whistleblower Notice: Persons with non-public information regarding GM should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

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