Recurring Pleading Deficiencies Lead To Claims’ Dismissal In Stock-Drop Suit

Mealey's (February 3, 2021, 1:56 PM EST) -- NEW YORK — Two pension funds have failed to sufficiently cure pleading deficiencies that led to a prior dismissal of most of their claims against General Electric Co. (GE) and several of its current and former executive officers for allegedly violating federal securities law by misrepresenting the company’s business and financial condition as it related to GE’s long-term care (LTC) insurance portfolio and certain long-term service agreements (LTSAs), a federal judge in New York ruled Jan. 29 in granting the defendants’ motion to dismiss....