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GE Receives Notice From U.S. Regulator of Possible Civil Action | Investing News

October 7, 2020

(Reuters) – General Electric said on Tuesday it has received a notice from U.S. Securities and Exchange Commission staff, warning that the company could face a civil action for possible violations of securities laws related to accounting practices for some of its insurance holdings.

In a regulatory filing, the U.S. industrial conglomerate said the issues the regulator could pursue relate to the company’s run-off insurance operations – a portfolio of about 300,000 long-term care insurance policies it holds in its GE Capital unit.

In 2017, GE took a surprise accounting charge of $6.2 billion and said it would need to set aside $15 billion for long-term care insurance payouts, one of the largest such amounts ever.

Securities regulators opened a probe into the company’s accounting practices after the massive insurance charge. The inquiry, which initially focused on long-term service agreements for maintenance of power plants, jet engines and other industrial

GE Warns of Likely SEC Action in Probe of Insurance Reserves

October 7, 2020

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(Bloomberg) — General Electric Co. warned that it’s likely to face U.S. Securities and Exchange Commission allegations of accounting misdeeds, setting back Chief Executive Officer Larry Culp’s effort to put the company’s rocky past behind it.

a close up of a sign: A logo is displayed on a wind turbine used for training and research outside of the General Electric Co. (GE) energy plant in Greenville, South Carolina, U.S., on Tuesday, Jan. 10, 2017. General Electric Co. is scheduled to release earnings figures on January 20.

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A logo is displayed on a wind turbine used for training and research outside of the General Electric Co. (GE) energy plant in Greenville, South Carolina, U.S., on Tuesday, Jan. 10, 2017. General Electric Co. is scheduled to release earnings figures on January 20.

GE received a Wells notice Sept. 30 advising that the SEC may pursue a civil enforcement action over possible securities violations tied to an old insurance business, according to a company regulatory filing Tuesday. The agency has yet to decide whether to recommend action on issues related to GE’s power-equipment business that are also under investigation.

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The Wells notice reopens old wounds from a previously disclosed

General Electric Says SEC Has Issued ‘Wells Notice’ Recommending Civil Action Over Shaky Accounting Practices

October 7, 2020

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Topline

General Electric said in a filing Tuesday it’s been notified by the Securities and Exchange Commission that the agency may take civil action against the struggling industrial conglomerate for possible violations of securities laws following a two-year investigation.

General Electric Co.Chief Executive Officer Jeffrey Immelt Opens GE iCentre — General Electric

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Key Facts

According to the filing, SEC staff issued a Wells Notice to GE on September 30 in connection with possible violations of securities laws, specifically with respect to lending arm GE Capital’s accounting practices for certain insurance operations, as well as the relevant disclosures.

A Wells notice is not a formal allegation nor a finding of wrongdoing, but rather a notification from the SEC that the regulator is preparing to bring a civil enforcement action or administrative proceeding against a company; it gives the target of the probe an opportunity to respond before the SEC makes a final determination.

GE stock took a

GE faces potential enforcement action over long-discontinued insurance business

October 6, 2020

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The Securities and Exchange Commission’s staff has advised General Electric that it is considering legal action against the company for possible violations of securities laws, found during the agency’s investigation into the way GE accounted for costs associated with its now discontinued long-term care insurance business.

GE disclosed on Tuesday that it received a “Wells notice” last week from the SEC’s staff t that they may recommend the full commission bring a formal complaint soon.

The SEC has been investigating several accounting issues at the Boston-based company, including the discontinued insurance business and GE’s revenue recognition practices, particularly with regard to long-term service agreements.

This Wells notice specifically refers to an investor update in January 2018, in which GE revealed it would take a $6.2 billion charge and contribute up to $15 billion to reserves over a seven-year period for its North American Life & Health business. The insurer had

ROSEN, NATIONAL TRIAL LAWYERS, Reminds Portland General Electric Company Investors of Important Deadline in Securities Class Action

October 6, 2020

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NEW YORK, Oct. 5, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Portland General Electric Company between April 24, 2020 and August 24, 2020, inclusive (the “Class Period”), of the important November 2, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for PGE investors under the federal securities laws.

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To join the PGE class action, go to http://www.rosenlegal.com/cases-register-1938.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) PGE downplayed risks with its trading activity in wholesale electricity markets; (2) PGE’s wholesale energy trading activity would result in at least $127 million of realized and unrealized losses;

EU takes action over UK’s blow to Brexit bill

October 2, 2020

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By Gabriela Baczynska and William James

BRUSSELS/LONDON (Reuters) – The European Union launched a legal case against the United Kingdom on Thursday for undercutting their earlier divorce deal and a senior UK minister said differences remained in talks on a post-Brexit trade agreement.

Controversy over the UK’s new Internal Market Bill has thrown the tortuous Brexit process into a fresh crisis while disagreements over corporate subsidies, fisheries and ways to solve disputes are overshadowing parallel trade negotiations.

“We had invited our British friends to remove the problematic parts of their draft Internal Market Bill by the end of September,” the head of the EU’s executive Commission, Ursula von der Leyen said. “The deadline lapsed yesterday.”

With London not budging, she said the Commission started a so-called infringement, an EU legal procedure against countries that violate the bloc’s laws, while continuing to work towards implementing the divorce deal, or Withdrawal Agreement.

ROSEN, A TOP RANKED LAW FIRM, Reminds Wrap Technologies, Inc. Investors of Important Deadline in Securities Class Action First Filed by the Firm

September 29, 2020

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NEW YORK, Sept. 28, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Wrap Technologies, Inc. between July 31, 2020 and September 23, 2020, inclusive (the “Class Period”) of the important November 23, 2020 lead plaintiff deadline in the case commenced by the firm. The lawsuit seeks to recover damages for Wrap investors under the federal securities laws.

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To join the Wrap class action, go to http://www.rosenlegal.com/cases-register-1953.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company had concealed the results of the LAPD BolaWrap pilot program, which demonstrated that the BolaWrap was ineffective, expensive, and sparingly used in the field; and (2)

ROSEN, GLOBAL INVESTOR COUNSEL, Reminds Alteryx, Inc. Investors of Important Deadline in Securities Class Action

September 29, 2020

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NEW YORK, Sept. 28, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of the Alteryx, Inc. (NYSE: AYX) between May 6, 2020 and August 6, 2020, inclusive (the “Class Period”), of the important October 19, 2020 lead plaintiff deadline in the case. The lawsuit seeks to recover damages for Alteryx investors under the federal securities laws.

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To join the Alteryx class action, go to http://www.rosenlegal.com/cases-register-1933.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company was unable to close large deals within the quarter and deals were pushed out to subsequent quarters or downsized; (2) as a result, Alteryx increasingly relied on adoption

4-Step Action Plan to Strengthen Your Personal Skills

May 8, 2020

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Only by discovering your innate, personal skills and developing and exploiting them to their highest degree can you utilize yourself to get the greatest amount of satisfaction and enjoyment from everything you do. Creating an action plan through personal strategic planning can give you the highest rewards for your efforts and is the starting point in getting the best out of yourself.

Corporate vs. Personal Strategic Planning

When we do strategic planning for corporations, we begin with the premise that the whole purpose of the exercise is to reorganize and reallocate people and resources to increase the rate of return on equity, or capital invested in the business. Invariably, this is done by emphasizing some areas and de-emphasizing others, by allocating more resources to areas with higher potential return and by taking resources away from those areas that represent lower potential returns. By developing or promoting newer and better products