GE Evades Class Action Over Alleged Stock-Inflating Statements

General Electric Co. convinced a New York federal judge Thursday to throw out a proposed securities class action brought by investors who claim officers made misleading statements about the company’s HA model gas turbine, resulting in inflated stock prices for a year.

The lawsuit was originally filed Feb. 1, 2019, and amended by the appointed lead plaintiff, the Teachers’ Retirement System of Oklahoma, about four months later. The investor suit specifically targeted 13 statements related to the performance of the turbine, which was allegedly plagued by an oxidation issue that can cause erosion, as well as certain statements related to ...