General Electric Co reinforced its defense of its accounting practices on Monday after investors asked more questions about an unusual research ...
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.
Among the biggest shocks to investors, GE said in 2017 that it would set aside US$15 billion for long-term care insurance payouts, one of the largest such amounts ever. GE's shares fell as much as 15per cent after Markopolos' report came out, recouping much of the decline on Friday. On Monday, GE shares were down 1.4per cent at US$8.67 in afternoon trading.
Winoker, who covered GE as an analyst at UBS before taking his current job in January, said investors' questions about Markopolos' report prompted GE to comment on Monday, but did not say how many questions GE received or characterize them.Markopolos said in the report that he stood to share in profits from a hedge fund that sold GE shares short before the report came out, a bet that the share price would fall.
Culp and Leslie Seidman, chair of GE's audit committee, said Markopolos did not talk with GE before issuing his report. GE said Culp, Seidman and other GE directors and executives bought shares after the report came out.
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