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General Motors Investors: Company Investigated by the Portnoy Law Firm

Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises General Motors ("GM" or the "Company") (NYSE: GM) investors that the law firm has initiated an investigation on behalf of investors that lost money on their GM stock. GM investors are encouraged to contact the firm to discuss their legal rights.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

The series of events involving General Motors (GM) and its driverless Cruise AVs led to several significant declines in GM's stock price, impacting investors. Here's a summary of the key developments:

  • October 2, 2023 - Pedestrian Accident Involving Cruise AV: NBC Bay Area reported that a pedestrian was seriously injured by one of GM's driverless Cruise AVs. This incident resulted in GM's stock price dropping by $1.09, or 3.5%, closing at $31.38 per share on October 3, 2023.
  • October 5, 2023 - NHTSA Airbag Recall Recommendation: The National Highway Traffic Safety Administration (NHTSA) recommended recalling over 50 million airbags linked to potentially fatal explosions, with at least 20 million installed in GM vehicles. This recall included an airbag that was involved in a confirmed fatality. Following this announcement, GM's stock price decreased by $0.73, or 2.4%, closing at $30.31 per share.
  • October 24, 2023 - Suspension of Cruise's Permits: The California Department of Motor Vehicles announced the immediate suspension of Cruise's deployment and driverless testing permits, citing misrepresentation of safety information related to its autonomous technology. This led to a further decline in GM's stock price by $0.66, or 2.3%, closing at $28.56 per share.
  • October 26, 2023 - Cruise Pauses AV Operations Nationwide: Cruise announced a pause in all its autonomous vehicle (AV) operations across the country to review its processes, systems, and tools. This news caused GM's stock price to fall by $1.33, or 4.7%, closing at $27.22 per share on October 27, 2023.

These consecutive events raised concerns about the safety and reliability of GM's autonomous vehicle technology and its airbag systems, resulting in a cumulative negative impact on investor confidence and GM's stock market performance.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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