7/6/12, "Class Action Lawsuit Filed Against GM For Channel Stuffing," Zero Hedge
6/29/12, "United States District Court Southern District of New York," against General Motors company
Class Action Lawsuit filed against GM for false and misleading statements about inventories and production:
"1. This is a securities class action on behalf of all purchasers of the common stock of GM pursuant in or traceable to the Company's November 18, 2010 initial public offering (the
"MO" or the "Offering") pursuant to the Securities Act of 1933 (the "Securities Act")
2. Defendants made materially false and misleading statements, and failed to make
subsequent disclosures to make the earlier statements not misleading, related to GM having
strong inventory controls in place at the time ofthe IPO.
3. In connection with the IPO, and in order to assuage concerns that GM was
predicting revenue based on production rather than actual sales, GM falsely assured investors that it was actively managing its production by monitoring its dealer inventory levels.
Additionally, GM assured investors that in 2011 it would improve inventory management, which would improve average transaction price."...
via Zero Hedge