GE CEO calls Markopolos report ‘market manipulation’ and ‘false’

FILE PHOTO: General Electric Co. Chief Executive Officer Larry Culp mingles with shareholders at the company’s annual meeting in Tarrytown, New York, U.S., May 8, 2019. REUTERS/Alwyn Scott

FILE PHOTO: General Electric Co. Chief Executive Officer Larry Culp mingles with shareholders at the company’s annual meeting in Tarrytown, New York, U.S., May 8, 2019. REUTERS/Alwyn Scott

NEW YORK (Reuters) – General Electric Co (GE.N) Chief Executive Larry Culp said on Thursday that a report alleging GE was hiding financial problems was “market manipulation – pure and simple.”

In a statement responding to a report alleging fraud at GE, Culp said the report “contains false statements” and that author Harry Markopolos stood to gain from short-selling related to the report. GE’s shares fell as much as 15% Thursday after the report came out.

Reporting by Alwyn Scott; Editing by Steve Orlofsky

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