SAN DIEGO & BAAR, Switzerland--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Glencore Plc (Other OTC: GLCNF) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between September 30, 2016 and July 2, 2018. Glencore engages in the production, refinement, processing, storage, transport and marketing of metals and minerals, energy products, and agricultural products worldwide.
View this information on the law firm's Shareholder Rights Blog:
The Complaint Alleges that Glencore Stock Decline is Related to Bribery Law Violations
According to the complaint, Glencore represented that the company "takes ethics and compliance very seriously" and is "committed to complying with or exceeding the laws and external requirements" applicable to its operations and products. On May 28, 2018, Bloomberg reported that the U.K.'s Serious Fraud Office was preparing to investigate Glencore for bribery in connection with Glencore's work with Israeli billionaire Dan Gertler and the leader of the Democratic Republic of Congo. Then, on July 3, 2018, Glencore disclosed that the U.S. Department of Justice issued its subsidiary a subpoena to produce documents and other records in connection with the company's compliance with U.S. money laundering laws and the Foreign Corrupt Practices Act. Since news of Glencore's troubles began to come to light, Glencore's stock has fallen nearly 22% to close at $4.20 per share on July 3, 2018, and continues to fall.
Glencore Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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