An investigation for investors in shares of General Cable Corporation (NYSE:BGC) over potential breaches of fiduciary duties continues and current long-term NYSE:BGC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/08/2014 -- The Shareholders Foundation announces that an investigation for investors, who currently hold NYSE:BGC shares, is ongoing concerning potential wrongdoing at General Cable Corporation.
Investors who purchased shares of General Cable Corporation (NYSE:BGC) and currently hold any of those NYSE:BGC shares , have certain options and should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain General Cable officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On October 15, 2013, General Cable Corporation announced in an Securities and Exchange Commission 8-K filing, that its financial statements for fiscal years 2008-2012, and 1Q 2013, should no longer be relied upon due to accounting errors relating to value added tax and revenue recognition. General Cable Corporation has previously announced that it announced that it had identified historical accounting errors relating to inventory. On November 4, 2013, General Cable announced estimated Third Quarter Results.
Shortly after the announcement a lawsuit was filed against General Cable Corporation over alleged securities laws violations. The plaintiff alleges that the defendants made allegedly false and/or misleading statements and/or failed to disclose that General Cable Corporation understated cost of sales and overstated inventory balances, that General Cable Corporation's reconciliation process was deficient as it failed to detect finished goods inventory, that General Cable Corporation overstated inventory in its allocation of the purchase price among assets acquired, resulting in an understatement of goodwill, that General Cable Corporation overstated its value added tax credits by at least $18 million, that General Cable Corporation improperly recognized revenue of approximately $30 million and $7 million of gross margin in connection with "bill and hold" transactions for aerial transmission projects in Brazil, that General Cable Corporation lacked adequate internal and financial controls, and that as a result of the foregoing, General Cable Corporation’s statements were materially false and misleading at all relevant times.
Shares of General Cable Corporation declined from $36.63 per share in March 2013 to as low as $14.27 per share on October 6, 2014.
Those who purchased shares of General Cable Corporation have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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