A Deadline is coming up on March 6, 2017 in the lawsuit for certain investors in General Cable Corporation (NYSE:BGC) and NYSE:BGC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/21/2017 -- A deadline is coming up on March 6, 2017 in the lawsuit filed for certain investors of General Cable Corporation (NYSE:BGC) over alleged securities laws violations by General Cable Corporation.
Investors who purchased shares of General Cable Corporation (NYSE:BGC) have certain options and there are strict and short deadlines running. Deadline: March 6, 2017. NYSE:BGC stockholders should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of certain purchasers of General Cable Corporation (NYSE:BGC) common shares that the defendants made false and/or misleading statements and/or failed to disclose that: (i) General Cable paid millions of dollars in bribes to government officials in foreign countries, including Angola, Bangladesh, China, Egypt, Indonesia, India, and Thailand, in order to secure business; (ii) the foregoing conduct was in violation of the Foreign Corrupt Practices Act of 1997 (the "FCPA"); (iii) General Cable's revenues were therefore in part the product of illegal conduct, and, as such, subject to disgorgement and unlikely to be sustainable; (iv) the foregoing conduct, when it became known, would subject the Company to significant regulatory scrutiny and financial penalties; and (v) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On September 22, 2014, General Cable Corporation disclosed some of its staff had issued payments to officials of Angola government-owned public utilities, which some considered a violation of Foreign Corrupt Practices Act of 1977 ("FCPA"). On February 26, 2015, General Cable Corporation announced that in connection with a possible settlement of FCPA offenses, the Company expected to disgorge $24 million in profits from bribe-tainted sales in Angola.
On February 10, 2016, General Cable Corporation revealed that it may have incurred more than $33 million in profits through transactions potential in violation to the FCPA.
On December 29, 2016, General Cable Corporation revealed that the Company has 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 "[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."
Those who purchased shares of General Cable Corporation have certain options and should contact the Shareholders Foundation.
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