LOS ANGELES--(EON: Enhanced Online News)--Goldberg Law PC, a national shareholder rights litigation firm, announces that it is investigating General Cable Corporation (“General Cable” or the “Company”) (NYSE: BGC) concerning possible violations of federal securities laws.
“[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.”
If you purchased or otherwise acquired General Cable shares and would like more information regarding the investigation, we encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights without cost to you. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at email@example.com.
On September 22, 2014, General Cable disclosed some of its staff had issued payments to officials of Angola government-owned public utilities, which some considered a violation of Foreign Corrupt Practices Act of 1977. When this information was released to the investing public on September 23, 2014, General Cable dropped $2.15 per share or over 10.8% over two trading days to close at $17.74 per share.
On February 10, 2016, General Cable revealed that it may have incurred more than $33 million in profits through transactions violating the FCPA, a sum that would have to be disgorged, with interest. When this information was released to the investing public, the value 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 revealed that the Company has agreed to pay $82.3 million to resolve the U.S. government’s investigation into inappropriate payments to government officials in Egypt, Angola, Bangladesh, China, Indonesia and Thailand.
The U.S. Department of Justice stated “[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.”
When this information was released to the public, the value of General Cable fell sharply, causing investors harm.
If you have any questions concerning your legal rights, please immediately contact Goldberg Law PC at 800-977-7401, or visit our website at http://www.Goldberglawpc.com, or email us at firstname.lastname@example.org.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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