An investor in NYSE:BGC shares filed a lawsuit over alleged Securities Laws violations by General Cable Corporation in connection with certain allegedly false and misleading statements.
Investors who purchased shares of General Cable Corporation (NYSE:BGC) have certain options and for certain investors are short and strict deadlines running. Deadline: March 6, 2017. NYSE:BGC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of certain purchasers of General Cable Corporation (NYSE:BGC) common shares that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Defendants made false and/or misleading statements and/or 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 of 1997 (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; (iv) the foregoing conduct, when it became known, would subject the Company to significant regulatory scrutiny and financial penalties; and (v) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
General Cable Corporation reported that its Total Revenue declined from over $5.38 billion in 2014 to over $4.22 billion in 2015 and that its Net Loss declined from $557.40 million in 2014 to $110.30 million in 2015.
On September 22, 2014, General Cable Corporation disclosed some of its staff had issued payments to officials of Angola government-owned public utilities, which some considered a violation of Foreign Corrupt Practices Act of 1977 (“FCPA”). On February 26, 2015, General Cable Corporation announced that in connection with a possible settlement of FCPA offenses, the Company expected to disgorge $24 million in profits from bribe-tainted sales in Angola.
On February 10, 2016, General Cable Corporation revealed that it may have incurred more than $33 million in profits through transactions potential in violation to the FCPA.
On December 29, 2016, General Cable Corporation revealed that the Company has agreed to pay $82.3 million to resolve the U.S. government’s investigation into inappropriate payments to government officials in Egypt, Angola, Bangladesh, China, Indonesia and Thailand.
The U.S. Department of Justice stated “[b]etween 2002 and 2013, General Cable subsidiaries paid approximately $13 million to third-party agents and distributors, a portion of which was used to make unlawful payments to obtain business, ultimately netting the company approximately $51 million in profits.”
Those who purchased NYSE:BGC shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com