SEC pension probe another headache for beleaguered GM; Stock tumbles when accounting practices' subpoena is issued.(Securities and Exchange Commission)(General Motors Corp)

Pensions & Investments, October, 2005 by Bruno, Mark

Byline: Mark Bruno DETROIT - General Motors Corp. has found its behemoth pension plans under the microscope again. And while the long-term impact of a federal investigation into the company's pension accounting practices is unclear, the probe has had an immediate impact on its stock price.

GM's stock plummeted on Oct. 27 after the company acknowledged that the Securities and Exchange Commission had issued subpoenas as part of an investigation of the company's financial reporting, specifically related to its pension accounting GM's stock price declined almost 7% over the course of the day, ending at $27.19 at the close of trading on Oct. 27. On Oct. 28, GM closed at $27.26. Its 52-week low was $24.67, which it hit on April 19. "This is a company that...

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