NEW YORK--(EON: Enhanced Online News)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of General Cable Corporation (NYSE: BGC) resulting from allegations that General Cable may have issued materially misleading business information to the investing public.
“[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.”
On September 22, 2014, General Cable revealed that it had determined that certain of its employees had made payments to officials of Angola government-owned public utilities that raise concerns under the Foreign Corrupt Practices Act of 1977. On this news, shares of General Cable fell $2.15 per share or over 10.8% over two trading days to close at $17.74 per share on September 23, 2014.
On February 10, 2016, General Cable announced that due to new transactions and other factors, it may have earned up to an additional $33 million in profits from transactions violating the FCPA, which amounts would have to be disgorged, with interest. On this news, shares of General Cable fell $3.05 per share or over 31.6% from its previous closing price to close at $6.60 per share on February 11, 2016.
On December 29, 2016, General Cable announced that it has agreed to pay a total of $82.3 million to resolve the U.S. government’s investigation into improper payments to government officials in Egypt, Angola, Bangladesh, China, Indonesia and Thailand. According to the U.S. Department of Justice, “[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.”
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by General Cable investors. If you purchased shares of General Cable before February 11, 2016, please visit the firm’s website at http://www.rosenlegal.com/cases-1018.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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