General Electric Co reinforced its defense of its accounting practices on Monday...
NEW YORK - General Electric Co reinforced its defense of its accounting practices on Monday after investors asked more questions about an unusual research report last week that accused the jet engine and power plant maker of financial fraud.
Investors are nervous about GE because the Boston-based conglomerate is expected to lose as much as $1 billion in cash this year, has slashed its dividend and profit forecast and taken more than $40 billion in charges and write-offs in recent years. GE’s shares fell as much as 15% after Markopolos’ report came out, recouping much of the decline on Friday. On Monday, GE shares were down 1.4% at $8.67 in afternoon trading.
GE disclosed in 2018 that its accounting was being investigated by the U.S. Securities and Exchange Commission and the Department of Justice. It also is the subject of a class-action shareholder lawsuit that alleges fraud in GE’s insurance and other accounting. GE Chief Executive Officer Larry Culp said last week that Markopolos’ report was “market manipulation - pure and simple” - a reference to Markopolos’ potential to profit from short-selling timed to the report.
GE is now only a reinsurer of such coverage and says it has not written new long-term care policies since 2006.
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