NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. is investigating potential claims against General Cable Corporation (NYSE: BGC) concerning possible violations of the federal securities laws.
On September 22, 2014, General Cable disclosed that some of its staff had issued payments to officials of Angola government-owned public utilities, which is a violation of the Foreign Corrupt Practices Act of 1977 (the “FCPA). Following this news, General Cable shares declined $1.22 per share on September 23, 2014 to close at $17.74.
On February 10, 2016, General Cable revealed that it may have incurred more than $33 million in profits through transactions violating the FCPA, a sum that would have to be disgorged, with interest. Following this news, General Cable shares declined $3.05 per share on February 11, 2016 to close at $6.60.
On December 29, 2016, General Cable revealed that the Company agreed to pay $82.3 million to resolve the U.S. Department of Justice’s investigation into inappropriate payments to government officials in Egypt, Angola, Bangladesh, China, Indonesia, and Thailand.
The US government stated, “Between 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.” Following this news, General Cable shares declined $0.40 per share on December 30, 2016 to close at $19.05.
If you purchased or otherwise acquired General Cable securities and suffered a loss, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into General Cable, please go to www.bespc.com/general-cable-corporation. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.