A lawsuit was filed by a current investor in BGC Partners, Inc. (NASDAQ: BGCP) against Cantor Fitzgerald LP over alleged breaches of fiduciary duties. Other NASDAQ: BGCP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/12/2012 -- An investor in NASDAQ: BGCP shares filed a lawsuit in State Court against Cantor Fitzgerald LP, its CEO and members of the BGC Partners board of directors who alleges that BGC Partners relationship with Cantor Fitzgerald caused BGC Partners, Inc to enter into debt and equity transactions that hurt its shareholders.
Investors who are current long term stockholders in shares of BGC Partners, Inc. (NASDAQ: BGCP), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges in breach of their fiduciary duties to BGC Partners, Inc, its controlling shareholders Cantor Fitzgerald LP and Cantor’s Chief Executive Officer Howard Lutnick and members of the BGC Partners’ board of directors have knowingly causes BGC Partners, Inc to enter into a series of related party transactions that have unduly benefits Cantor Fitzgerald LP, Howard Lutnick, and their affiliates at the expense of BGC Partners and its remaining shareholders.
The plaintiff claims that BGC Partners, Inc. made a $150 million debt transaction at an “unfair interest rate” that diluted the investors’ stock. The plaintiff says the $150 million debt transaction was initially made in 2008 at a 5.19%t interest rate and was later replaced by notes at an 8.75% interest rate that could be converted into stock, thus diluting NASDAQ: BGCP shares.
Since April 2011 BGCP stocks fell from as high as $9.66 to under $6 per share in early 2012.
Those who purchased shares of BGC Partners (NASDAQ:BGCP) and currently hold those BGCP shares, may have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego