An investor is suing General Motors and its CEO Mara Barra for failing to properly address known defects in its vehicles that led to a massive recall of over 3 million vehicles, according to Reuters.
The lawsuit was filed by investor George Pio, who is seeking unspecified damages from the automaker, claiming the recalls "triggered a sharp decline in the company's share price, wiping out billions in shareholder value".
The lawsuit also seeks class action status, according to court documents.
Over the last two months GM has recalled approximately 3.1 million vehicles in the U.S. and other locations.
The most controversial recall involved over 1.6 million vehicles for faulty ignition switches linked to at least 12 deaths.
GM first learned of the defect before the cars went into production in 2001.
The lawsuit was filed in a federal court in Michigan on March 21.
GM confirmed this week that Barra will testify on April 1 before a U.S. House of Representatives panel investigating the ignition switch recall.
A number of lawsuits have been filed against the company by car owners "affected by the recall," according to Reuters.
GM shares have dropped 3 percent since the first recall was announced.
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