General Motors Company (NYSE: GM)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into General Motors Company (NYSE: GM).

Since at least as early as November 2020, GM’s products have been the subject of multiple recalls because of defective airbag components in the Company’s vehicles, exposing the Company to various global lawsuits. Cruise LLC (“Cruise”) is GM’s majority-owned global segment responsible for the development and commercialization of autonomous vehicle (“AV”), i.e., driverless. technology.  On October 5, 2023, the National Highway Traffic Safety Administration held a public hearing to recommend a recall of more than 50 million airbag inflators designed by ARC Automotive linked to potentially deadly explosions. The Company was among the most exposed to this potential recall, with at least 20 million vehicles built with the ARC airbag inflator in question. Then, on October 26, 2023, following the suspension of Cruise’s deployment and driverless testing permits by the California Department of Motor Vehicles, Cruise disclosed 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.”

Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information, violating federal securities laws. Recently, the court presiding over the case denied the Company’s motion to dismiss the case in part, allowing the case to continue.

KSF’s investigation is focusing on whether General Motors’ officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws. 

If you have information that would assist KSF in its investigation, or have been a long-term holder of General Motors shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.