Friday evening, Scott & Scott LLP filed a lawsuit against General Electric (NYSE:GE) relating to inaccurate reports of financial earnings information in their first quarter of 2008. According to investors GE has violated the Securities Exchange Act of 1934. The suit charges that GE reported 10% earnings per share in the first quarter of 2008 instead of the actual loss of 2%. The inaccuracy in GE's 1Q financial report allegedly resulted in a decline in GE stock of $4.70 per share, or 13%, to $32.05 and a loss of $47 billion in market value. Shares of General Electric were up 18 cents to close at $27.88 on the afternoon of September 5, 2008.

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