Shares of General Motors were briefly halted on the New York Stock Exchange on Thursday and fell after trade resumed amid unconfirmed market rumors of accounting irregularities at the world's largest automaker.
GM spokesman Jerry Dubrowski said the rumors "are completely unfounded and GM is not subject to an accounting investigation.
"GM strongly believes that its accounting is appropriate," he said.
Dubrowski said NYSE called GM after rumors caused an "imbalance" and trading was halted. GM told NYSE it believed the rumors were baseless and trading resumed.
GM shares were down $1.08 to $52.00, about 2 percent, in midday trade. The shares hit a low of $51.50 earlier on Thursday.
The market rumors come as the investors fret over the latest accounting scandal -- WorldCom Inc.'s bombshell announcement earlier this week that it would have to restate earnings after improperly booking nearly $4 billion in costs and false reports of profits over the last five quarters.
contributed to this report.