SAN DIEGO, Jan. 25, 2017 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in New York on behalf of certain purchasers of shares of General Cable Corporation (NYSE:BGC) over alleged Securities Laws Violations by General Cable Corporation.
Investors who purchased shares of General Cable Corporation (NYSE:BGC) have certain options and for certain investors there 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.
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that General Cable Corporation (“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, that the foregoing conduct was in violation of the Foreign Corrupt Practices Act of 1997 (“FCPA”), that General Cable’s revenues were therefore in part the product of illegal conduct, and, as such, subject to disgorgement and unlikely to be sustainable, that the foregoing conduct, when it became known, would subject the Company to significant regulatory scrutiny and financial penalties, and that as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
On September 22, 2014, General Cable disclosed some of its staff had issued payments to officials of Angola government-owned public utilities, which some considered a violation of the FCPA. On February 26, 2015, General Cable 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 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 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 General Cable (NYSE:BGC) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.