Yep, and it’s class-action:
A statement issued by the law firm representing the class “alleges that the defendants misrepresented and/or failed to disclose that: (1) GM was predicting revenue based on production rather than actual sales; (2) the Company falsely assured investors that it was actively managing its production by monitoring its dealer inventory levels; and (3) the Company assured investors that its inventory management would improve in 2011, which would improve average transaction price.”
Mostly, I figure that anyone buying shares in a un-reconstructed, phony-baloney Chapter 11 GM deserves whatever they get. Of course, as one 310 million unwilling shareholders, I’m also more than a little miffed. And those 310 million of us don’t even have anyone to sue.
Anyway, good luck to the folks trying to squeeze blood out of that particular stone.