NEW YORK--(EON: Enhanced Online News)--The following statement is being issued by Levi & Korsinsky, LLP:
“between 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.”
To: All persons or entities who purchased or otherwise acquired securities of General Cable Corporation (“General Cable”) (NYSE: BGC) between February 23, 2012 and February 10, 2016. You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Southern District of New York. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that, during the Class Period, General Cable failed to disclose that: (a) the Company had violated the Foreign Corrupt Practices Act by paying millions of dollars in bribes to officials in foreign countries in order to secure business; (b) General Cable’s revenues were in part the product of illegal conduct, and as such, subject to disgorgement and unlikely to be sustainable; and (c) as a result, the Company would be subjected to significant regulatory scrutiny and financial penalties.
On December 29, 2016, General Cable revealed it had agreed to pay $82.3 million to resolve the investigation into inappropriate payments. The Department of Justice stated that “between 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 suffered a loss in General Cable you have until March 6, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.