LOS ANGELES, CA / ACCESSWIRE / January 10, 2017 / Lundin Law PC, a shareholder rights firm announces a class action lawsuit against General Cable Corporation. ("General Cable" or the "Company") (BGC). Investors, who purchased or otherwise acquired 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.
To participate in this class action lawsuit, call Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or e-mail him at firstname.lastname@example.org.
No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
On September 22, 2014, General Cable revealed that certain members of its staff sent 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 revealed to the investing public on September 23, 2014, General Cable dropped over 10.8% 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. 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. Furthermore, on December 29, 2016, General Cable suggested that the Company has agreed to pay $82.3 million to halt 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 revealed to the public, the value of General Cable stock further declined, causing investors harm.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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Lundin Law PC
Brian Lundin, Esq.
SOURCE: Lundin Law PC