NEW YORK, Feb. 02, 2016 (GLOBE NEWSWIRE) -- Stull, Stull & Brody ("SS&B") announces that a class action lawsuit was commenced in the United States District Court for the District of Arizona on behalf of persons who purchased or acquired the shares of Freeport-McMoRan Inc. ("Freeport-McMoRan" or the “Company”) (NYSE:FCX) between February 27, 2015 and January 15, 2016, inclusive (the "Class Period").
SS&B is also investigating whether allegations in the class action were also breaches of fiduciary duties by the officers and directors of Freeport-McMoRan. An action for breaches of fiduciary duty can be brought as a derivative action by a shareholder who held Company stock at the start of the Class Period and who continues to hold Company stock until the derivative action has concluded.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (i) the chief executive officer of its Indonesian unit, Maroef Sjamsuddin, had discussed, with senior officials in the Indonesian government, bribing government officials in return for an extension of Freeport’s right to operate in the country; (ii) that Freeport had violated the Foreign Corrupt Practices Act (“FCPA”); and (iii) as a result of the foregoing, Freeport’s public statements were materially false and misleading at all relevant times. Both Freeport McMoran’s chairman and Mr. Sjamsuddin have resigned.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Michael J. Klein, Esq. at Stull, Stull & Brody by e-mail at FCX@ssbny.com, by calling toll-free 1-800-337-4983 x147, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
Stull, Stull & Brody has litigated many class actions for violations of securities laws and breaches of fiduciary duty on behalf of defrauded investors over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody has offices in New York and Beverly Hills. The Stull, Stull & Brody website (www.ssbny.com) has additional information about the firm.
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