A lawsuit was filed on behalf of investors in Freeport-McMoRan Inc (NYSE:FCX) shares over alleged securities laws violations and NYSE:FCX investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/18/2016 -- A shareholder in NYSE:FCX shares filed a lawsuit in the U.S. District Court for the District of Arizona over alleged violations of Federal Securities Laws by Freeport-McMoRan.
Shares of Freeport-McMoRan Inc (NYSE:FCX) declined from $38.71 per share in July 2014 to as low as $3.52 per share on January 20, 2016.
Investors who purchased shares of Freeport-McMoRan Inc (NYSE:FCX) have certain options and for certain investors are short and strict deadlines running. Deadline: March 28, 2016. NYSE:FCX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Freeport-McMoRan Inc (NYSE:FCX) common shares between February 27, 2015 and January 15, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 27, 2015 and January 15, 2016 defendants made false and/or misleading statements and/or failed to disclose that Maroef Sjamsuddin, head of Freeport Indonesia, had discussed, with senior officials in the Indonesian government, bribing Indonesian government officials in return for an extension of Freeport's right to operate in the country, that Freeport had violated the Foreign Corrupt Practices Act ("FCPA"), and that as a result of the foregoing, Freeport's public statements were materially false and misleading at all relevant times.
Freeport-McMoRan Inc reported that its annual Total Revenue rose from over $20.92 billion in 2013 to over $21.43 billion in 2014 while its Net Income of over $2.65 billion in 2013 declined to a Net Loss of over $1.3 billion in 2014.
On December 28, 2015, Freeport-McMoRan Inc (NYSE:FCX) announced that James R. Moffett, Chairman of the Board, co-founder, and long-time executive, will step down from Freeport-McMoRan's Board of Directors and as Executive Chairman. On January 19, 2016, Freeport-McMoRan's Indonesian unit's chief executive officer resigned.
On February 17, 2016, NYSE:FCX shares closed at $7.16 per share.
Those who purchased shares of Freeport-McMoRan Inc (NYSE:FCX) have certain options and should contact the Shareholders Foundation.
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