An investigation on behalf of current long term investors in General Cable Corporation (NYSE:BGC) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:BGC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/18/2013 -- An investigation for current investors who purchased shares of General Cable Corporation (NYSE:BGC) in 2011 or earlier, was announced concerning whether certain General Cable directors and officers breached their fiduciary duties and caused damages to the company and its shareholders.
Investors who are current long term investors in General Cable Corporation (NYSE:BGC) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554
The investigation by a law firm for current long term investors in NYSE:BGC stocks follows a lawsuit that was recently filed against General Cable Corporation over alleged securities laws violations. . The investigation on behalf of current long term investors in NYSE:BGC stocks, concerns whether certain General Cable officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. Southern District of New York the plaintiff alleges that General Cable Corporation 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, 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.
Shares of General Cable Corporation declined from $36.63 per share in March 2013 to as low as $28.07 per share on December 11, 2013.
NYSE:BGC closed on December 17, 2013, 2013, at $28.66 per share.
Those who purchased shares of General Cable Corporation have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego