Trading in General Motors shares was briefly suspended on the New York Stock Exchange yesterday as the company strongly denied rumours that it had unspecified accounting problems, the Financial Times (FT) said.
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According to the FT, GM said: “There’s some kind of a rumour out there which is unfounded. We are not subject to an accounting investigation and we strongly believe that our accounting is appropriate.”
The FT said that investors, appearing unnerved by news of apparent accounting fraud at telecomms giant WorldCom, reduced GM shares $1.08 to $52, by about 2%, in midday trade when trading resumed after the shares hit an earlier low of $51.50.
