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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

2008 Shareholder Lawsuit

A class action lawsuit was filed on behalf of all purchasers of General Electric common stock and call options from September 25, 2008 through October 1, 2008. The complaint charged GE and certain company officers with violating Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934. The complaint alleged that during an investor conference call on September 25, 2008, defendants falsely stated that GE would not require any additional fund raising through debt, equity, or otherwise during the fourth quarter ending December 31, 2008. According to the complaint, GE offered common stock on October 2, 2008, at a price well below the stock’s prior day closing price and below its 52 week low. News that the stock offering was priced at less than the current market price caused GE’s stock price to fall over 9 percent. The lawsuit settled in 2013 for $40 million.

Misconduct Type
Securities
Enforcement Agency
Non-Governmental
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Complaint
10/3/2008
Contractors Involved Penalty
Total
General Electric $40,000,000
Further Information Released
Complaint 10/3/2008

Federal Contractor Misconduct Database