Milberg Weiss Announces the Filing of a Securities Class Action against General Motors Corporation and Certain of Its Officers and Directors

NEW YORK--Sept. 19, 2005--The law firm of Milberg Weiss Bershad & Schulman LLP announces that a class action lawsuit was filed today on behalf of all persons who purchased or otherwise acquired $1-2/3 par value common stock (the "common stock") and/or debt securities of the General Motors Corporation ("GM" or the "Company") between February 25, 2002 and March 16, 2005 inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").

The complaint alleges, inter alia, that defendants issued or caused to be issued materially false and misleading statements to the investing public with respect to the Company's financial performance and condition during the relevant time. In addition, during the fourth quarter of 2004 and the first quarter of 2005, defendants, with knowledge or reckless disregard of facts then in their possession, disseminated materially false and misleading projections, lacking in reasonable basis, with respect to GM's first-quarter and year 2005 revenues, earnings and cash flow.

During the Class Period, when the Company's debt ratings were materially inflated by defendants' materially false and misleading statements and omissions, defendants caused GM to issue more than $18 billion in debt securities. When the true facts finally began to come out at the end of the Class Period, the price of GM stock, which had closed at $32.71 on March 15, 2005, declined by $4.57 per share, or 14%, to close at $28.14 per share on March 16, 2005. The prices of the Company's debt securities also declined in the market.

The action, numbered 05-CV-8088, is pending before the Honorable Richard M. Berman in the United States District Court for the Southern District of New York against defendants GM; GM's wholly-owned subsidiary, General Motors Acceptance Corporation ("GMAC"); Peter R. Bible (GM's Chief Accounting Officer); Walter G. Borst (GM's Treasurer); John M. Devine (GM's CFO and Vice Chairman); and G. Richard Wagoner Jr. (GM's CEO and Chairman). A copy of the complaint filed in the action is available from the Court and can be retrieved from the Clerk's office and various services, or can be viewed on Milberg Weiss's website at: http://www.milbergweiss.com

If you bought GM common stock and/or debt securities between February 25, 2002 and March 16, 2005, and sustained damages, you may, no later than November 18, 2005, request that the Court appoint you as a lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad & Schulman LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad & Schulman LLP (http://www.milbergweiss.com) is a firm with over 120 lawyers with offices in New York City, Los Angeles, Boca Raton, Delaware, and Washington, D.C. and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for nearly 40 years. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:

Steven G. Schulman
Peter E. Seidman
Andrei V. Rado
One Pennsylvania Plaza, 49th fl.
New York, NY, 10119-0165
Phone number: (800) 320-5081
Email: sfeerick@milbergweiss.com
Website: http://www.milbergweiss.com