San Diego, CA -- (SBWIRE) -- 11/14/2012 -- An investigation on behalf of investors of General Cable Corporation (NYSE:BGC) shares over potential securities laws violations by General Cable Corporation and certain of its directors and officers in connection certain financial statements was announced .
Investors who purchased shares of General Cable Corporation (NYSE:BGC), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of General Cable Corporation (NYSE:BGC) concerning whether a series of statements by General Cable Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
General Cable Corporation (NYSE:BGC) reported that its annual Revenue rose from over $4.38 billion in 2009 to over $5.86 billion in 2011 and its Net Income grew from $56.60 million in ’09 to $84.10 million in 2011.
Shares of General Cable Corporation (NYSE:BGC) grew from as low as $13.65 per share in March 2009 to as high as $48,50 per share in April 2011.
Then on October 29, 2012, General Cable Corporation announced its financial results for the quarter ended September 28, 2012,. Among other things, General Cable Corporation said that it has identified certain inventory related accounting errors in two facilities located in Brazil and a third facility located in South Africa within the Company’s ROW segment that were erroneously computing cost of sales over the course of several years, resulting in an understatement of cost of goods sold and an overstatement of ending inventory. General Cable Corporation said it will have to restate certain financial results. General Cable said that on October 26, 2012, the Audit Committee of the Company’s Board of Directors, upon the recommendation of the Company’s executive officers, concluded that due to these inventory related accounting errors within the Company’s ROW segment in two countries, the Company’s previously issued consolidated financial statements for fiscal years 2009 through 2011 and the related reports of its independent registered public accounting firm, the interim periods during those years, and the financial statements as of, and for the periods ended March 30, 2012 and June 29, 2012 should no longer be relied upon.
On November 7 and 13, 2012 General Cable Corporation (NYSE:BGC) disclosed that it will delay its 10-q filing with the SEC.
Shares of General Cable Corporation (NYSE:BGC) declined from $31.87 per share on September 20, 2012 to as low as $27.59 per share on November 9, 2012 and closed on November 13, 2012, as low as $27.75 per share.
Those who purchased shares of General Cable Corporation (NYSE:BGC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego