07/01/2017 01:00:00

Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against General Cable Corporation (BGC)

Related content
14 Nov - 
CORRECTING and REPLACING – Recent Analysis Shows Pure S..
13 Nov - 
Recent Analysis Shows Pure Storage, Catalent, Boyd Gami..
03 Mar - 
Stull, Stull & Brody Announces Investigation Relating t..

NEW YORK, Jan. 06, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against General Cable Corporation (“General Cable” or the “Company”) (NYSE:BGC) in the United States District Court for the Southern District of New York on behalf of purchasers of common stock of General Cable between February 23, 2012 and February 10, 2016 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.

According to the Complaint, the Company failed to disclose that: (i) General Cable paid millions of dollars in bribes to government officials in foreign countries, including Angola, Bangladesh, China, Egypt, Indonesia, India, and Thailand, in order to secure business; (ii) the foregoing conduct was in violation of the Foreign Corrupt Practices Act (the “FCPA”); (iii) General Cable’s revenues were therefore in part the product of illegal conduct, and, as such, subject to disgorgement and unlikely to be sustainable; and (iv) the foregoing conduct, when it became known, would subject the Company to significant regulatory scrutiny and financial penalties.

On September 22, 2014, the Company disclosed that it was reviewing “payment practices,” “the use of agents,” and “the manner in which the payments were reflected on our books and records” in connection with the Company’s operations in Portugal, Angola, Thailand, and India.  On this news, shares of the Company’s stock fell $0.93 per share, or 4.7%, to close at $18.96 on September 22, 2014.  Subsequently, on February 10, 2016, the Company reported that it had increased a disgorgement accrual for a potential FCPA settlement to $33 million after identifying “certain other transactions that may raise concerns.”  On this news, shares of the Company’s stock fell an additional $3.05 per share, or 31.6%, to close at $6.60 on February 11, 2016.

Finally, on December 29, 2016, The Wall Street Journal reported that General Cable had entered into a non-prosecution agreement with the U.S. Department of Justice and “agreed to pay $75.8 million to settle allegations it paid bribes across Africa and Asia and . . . agreed to an additional $6.5 million penalty to settle accounting-related violations.”  The article further reported that the Company’s subsidiaries, “over a period of a dozen years, paid about $13 million to third-party agents and distributors,” who in turn “paid bribes to government officials in Angola, Bangladesh, China, Indonesia and Thailand to get business in violation of the Foreign Corrupt Practices Act.”

If you wish to serve as lead plaintiff, you must move the Court no later than March 6, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

HSBC Bank Plc : Form 8.5 (EPT/RI) - Lonmin PLC

22/02/2018 10:54:53
FORM 8.5 EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Name of exempt principal trader: HSBC BANK PLC (b) Name of offeror/offeree i..

Rathbone Brothers Plc : Preliminary announcement of 2017 results

22/02/2018 07:00:19
Funds under management up 14.3% to £39.1 billionThis is a preliminary statement of annual results published in accordance with FCA Listing Rule 9.7A. It covers the year ended 31 December 2017. Mark Nicholls, Chairman of Rathbone Brothers Plc, said: "UK and global investment markets performed well in 2017, with some indices reaching record levels towards the end of the year. This outcome has b..

Elliott Capital Advisors, L.P : Form 8.3 - GKN Plc

21/02/2018 15:25:10
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: Elliott Capital Advisors, L.P. (for itself and related general partners ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Pomerantz Law Firm Announces the Filing of a Class Action against Bellicum Pharmaceuticals, Inc. and Certain Officers – BLCM
2
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in MetLife, Inc. of Class Action Lawsuit and Upcoming Deadline – MET
3
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Super Micro Computer, Inc. of Class Action Lawsuit and Upcoming Deadline – SMCI
4
Canada’s Johnston Maintains Lead after Day Three of FLW Tour at Harris Chain of Lakes Presented by Lowrance
5
PRF: Consolidated Unaudited Interim Report of AS PRFoods for 4th quarter and 12 months of 2017

Related stock quotes

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2018   Disclaimer and Terms of Use
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
25 February 2018 09:43:08
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: ReleaseBuild_20180222.1 - EUROWEB1 - 2018-02-25 10:43:08 - 2018-02-25 09:43:08 - 1000 - Website: OKAY