Followup: GM officials take issue with Whitacre's IPO share price estimates
According to The Detroit News, a GM response filed with the Securities and Exchange Commission refutes everything, saying that the price hasn't been set, the IPO might not happen in November, and the company doesn't know if it "will be successful or whether it will work." GM is in a self-imposed "quiet period" before its IPO "to comply with SEC regulations," which Whitacre's comments blew out of the water. According outside observers, "Any comments beyond what is included in GM's regulatory filings could be construed as breaking SEC rules during the quiet period and could jeopardize the timing of the IPO." Whoopsie.
[Source: The Detroit News]
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