LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against General Cable Corporation (“General Cable” or the “Company”) (NYSE: BGC). Investors who purchased or otherwise acquired General Cable shares between February 23, 2012 and February 10, 2016 inclusive (the “Class Period”), are encouraged to contact the firm in advance of the March 6, 2017 lead plaintiff deadline.
If you are a shareholder who suffered a loss during the Class Period, we encourage you to click here, or contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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 Foreign Corrupt Practices Act of 1977. When this information was released to the investing public on September 23, 2014, General Cable dropped $2.15 per share or over 10.8% over two trading days to close at $17.74 per share.
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. When this information was released to the investing public, the value of General Cable fell $3.05 per share or over 31.6% from its previous closing price to close at $6.60 per share on February 11, 2016.
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.”
When this information was released to the public, the value of General Cable fell sharply, causing investors harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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