LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Belden Inc. (“Belden” or the “Company”) (NYSE: BDC) concerning whether the board breached its fiduciary duties to shareholders.
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On December 14, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced that it had charged Belden for overstating revenue by more than $29 million for the first three quarters of 2017. According to the SEC’s announcement of the order, the Company “improperly recognized revenue by shipping goods to warehouses that it paid for and controlled when customers were not ready or were unwilling to take possession of the good before quarter-end.” As a result, Belden paid a $650,000 penalty.
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the above alleged misconduct.
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If you still hold Belden shares purchased before March 2017, and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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