San Diego, CA -- (SBWIRE) -- 11/04/2013 -- An investor, who purchased shares of General Cable Corporation (NYSE:BGC), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by General Cable Corporation . in connection with certain allegedly false and misleading statements made between May 3, 2011 and October 14, 2013

Investors who purchased shares of General Cable Corporation (NYSE:BGC) have certain options and for certain NYSE:BGC investors are short and strict deadlines running. Deadline: December 20, 2013. NYSE:BGC investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired General Cable Corporation (NYSE:BGC) between May 3, 2011 and October 14, 2013, that General Cable Corporation and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, 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.

On October 15, 2013, the Company 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.

Shares of General Cable Corporation (NYSE:BGC) closed on Nov. 1, 2013, at $33.26 per share.

Those who purchased shares of General Cable Corporation have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com