The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased General Cable Corporation (NYSE: BGC) securities between February 23, 2012 and February 10, 2016.
According to the complaint, throughout 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.
General Cable revealed it agreed to pay $82.3 million to resolve the investigation into inappropriate payments on December 29, 2016. 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.
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