GM Bans Executives From Trading Its Stock
eneral Motors Corp. has indefinitely forbidden its senior executives and other employees with access to internal financial information from buying or selling company stock, the Associated Press reported Monday.
The No.1 U.S. automaker also has moved to limit the disclosure of such information, AP said.
The move follows GM's decision to suspend profit guidance to Wall Street in April, citing uncertainty affecting key elements of its financial forecast.
The Detroit News said it was unclear how many people the ban affects or how long it will last, AP said.
GM lost $1.1 billion in the first quarter. The automaker said the cost of providing health care coverage for its workers and retirees was one of the major reasons for its largest quarterly loss in more than a decade.
