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Boston-Based General Electric Suffers Worst Stock Drop In 11 Years

  • Source: CBS Boston - - Read: 0



    (CNN) — General Electric fought back Thursday night after the company was accused of fraud and its stock experienced its worst one-day percentage drop since April 2008. General Electric shares plunged more than 11% Thursday after Harry Markopolos, who is famous for blowing the whistle on Bernie Madoff’s Ponzi scheme in 2008, accused GE of orchestrating a massive fraud.

    GE CEO Larry Culp on Thursday bought 252,200 shares at $7.93 per share, a purchase worth almost $2 million, according to an SEC filing. The buy helped bump GE’s share price around 2% in after-hours trading. Culp’s ownership of GE stock nearly doubled this week after an earlier purchase Tuesday — he now owns more than 1% of the company’s outstanding shares.

    GE Board Director Leslie Seidman called the fraud allegations “ba ...



    Read Full News: https://boston.cbslocal.com/2019/08/16/general-electric-stock-drop/

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