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GM.US
id: 907

General Motors (GM) Defect Cruise AV Systems Case

E.D. Michigan
Court
2:23-cv-13132
Case number
02 Feb 2022
Class period Start
26 Oct 2023
Class period End
06 Feb 2024
Lead Plaintiff motion deadline
  • Cruise announced via X that it paused all AV operations across the US after multiple safety issues.
  • $GM fell 4.66%, losing $1.8 billion of its shareholder value.
  • One of the affected investors already filed the initial claim against GM & Co in Michigan court.
Then, on October 26, 2023, Cruise announced via X that it would pause all of its AV operations across the country “while we take time to examine our processes, systems, and tools and reflect on how we can better operate in a way that will earn public trust.”

On this news, $GM fell 4.66% and lost $1.8 billion of its market capitalization, seriously damaging shareholders.
  • 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 fell 2.26%.
  • On October 5, 2023, the National Highway Traffic Safety Administration recommended a recall of 50 million airbag inflators that have been linked to potentially deadly explosions.
  • The WSJ reported that at least 20 million of GM’s vehicles were built with the defective airbag inflators in question, at least one of which had led to a confirmed fatality. On this news, $GM fell 2.35%.
  • On October 2, 2023, NBC Bay Area reported that a pedestrian suffered major injuries after she was run over by and pinned beneath a driverless Cruise AV. On this news, $GM fell 3.36%.
Now, investors have reasons to suspect GM of hiding true information about the safety of Cruise AV systems, which led to their losses when revealed. One of the affected shareholders has already filed the initial complaint in Michigan court.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
27 October 2023
Filing date
08 December 2023
Lead Plaintiff Deadline
06 February 2024
Collecting participants…

General Motors Company

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM ...

    Ticker
    GM.US
    ISIN
    US37045V1008
    CIK
    1467858
    Sector
    Consumer Cyclical
    Industry
    Auto Manufacturers
    Country
    USA
    Address
    300 Renaissance Center, Detroit, MI, United States, 48265-3000