Cases
General Cable Corporation (NYSE: BGC)
Securities Class Action
Overview
Overview
- Date:
- 1/4/2017
- Company Name:
- General Cable Corporation
- Stock Symbol:
- BGC
- Status:
- Closed/Complete
NEW YORK, January 4, 2017 – Bragar Eagel & Squire, P.C. is investigating potential claims against General Cable Corporation (NYSE: BGC) concerning possible violations of the federal securities laws.
On September 22, 2014, General Cable disclosed that some of its staff had issued payments to officials of Angola government-owned public utilities, which is a violation of the Foreign Corrupt Practices Act of 1977 (the “FCPA). Following this news, General Cable shares declined $1.22 per share on September 23, 2014 to close at $17.74.
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. Following this news, General Cable shares declined $3.05 per share on February 10, 2016 to close at $6.60.
On December 29, 2016, General Cable revealed that the Company 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, “Between 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.” Following this news, General Cable shares declined $0.40 per share on December 30, 2016 to close at $19.05.
If you own General Cable securities or continue to hold shares purchased, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On September 22, 2014, General Cable disclosed that some of its staff had issued payments to officials of Angola government-owned public utilities, which is a violation of the Foreign Corrupt Practices Act of 1977 (the “FCPA). Following this news, General Cable shares declined $1.22 per share on September 23, 2014 to close at $17.74.
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. Following this news, General Cable shares declined $3.05 per share on February 10, 2016 to close at $6.60.
On December 29, 2016, General Cable revealed that the Company 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, “Between 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.” Following this news, General Cable shares declined $0.40 per share on December 30, 2016 to close at $19.05.
If you own General Cable securities or continue to hold shares purchased, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.