$GE: Firehawk engines brave bird strikes; $362M guidance fallout still weighs

Court: S.D. New York

Case: 1:17-cv-08457

GE Aerospace’s T700 engines are working nonstop as Firehawks battle wildfires across California. Field rep Nancy Arevalo’s quick thinking and remote diagnostics kept one chopper flying after a seagull strike, underscoring the engine’s vital role during a record-breaking fire season.

What’s Happening Now

• T700-powered Firehawks fly round-the-clock rescue and fire suppression missions
• Nancy Arevalo supports over 4,100 square miles of California fire zones
• A gull strike mid-blaze in January almost sidelined a Cal Fire helicopter
• Arevalo reviewed engine photos, ordered a borescope, and cleared the unit within hours
• She even fielded engine part requests while helping her sister give birth

GE Aerospace has agreed to a $362,500,000 cash settlement with GE investors to resolve claims that the company’s Power segment underperformance led to inflated 2017 financial guidance and losses.

Timeline Overview

• Oct 20, 2017: GE cuts cash flow guidance, shares fall 7%
• Nov 13, 2017: Dividend cut by 50%, triggering a 12.5% drop
• Jan 16, 2018: $6.2B insurance charge disclosed, GE drops 13%
• Nov 1, 2019: Investors sue, citing misleading financial disclosures
• Jan 2025: GE agrees to settle for $362.5M

Allegations Include

• Failing to warn investors about poor Power segment performance
• Misleading cash flow and earnings guidance in 2017
• Concealing insurance liabilities and dividend risks

Investor Update

This resolution addresses claims of financial misstatements and significant shareholder losses from late 2017 to mid-2025.

You can check more information about it and file for a payout HERE.