NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of General Cable Corporation (NYSE: BGC) resulting from allegations that General Cable may have issued materially misleading business information to the investing public.
On September 22, 2014, General Cable revealed that it had determined that certain of its employees had made payments to officials of Angola government-owned public utilities that raise concerns under the Foreign Corrupt Practices Act of 1977. On this news, shares of General Cable fell $2.15 per share or over 10.8% over two trading days to close at $17.74 per share on September 23, 2014.
On February 10, 2016, General Cable announced that due to new transactions and other factors, it may have earned up to an additional $33 million in profits from transactions violating the FCPA, which amounts would have to be disgorged, with interest. On this news, shares 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 announced that it has agreed to pay a total of $82.3 million to resolve the U.S. government’s investigation into improper payments to government officials in Egypt, Angola, Bangladesh, China, Indonesia and Thailand. According to the U.S. Department of Justice, “[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.”
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by General Cable investors. If you purchased shares of General Cable before February 11, 2016, please visit the firm’s website at http://www.rosenlegal.com/cases-1018.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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