Pawar Law Group Announces filing of a Securities Class Action Lawsuit Against General Cable Corporation – BGC

NEW YORK, NY / ACCESSWIRE / February 6, 2017 / The Pawar Law Group announces a class action lawsuit on behalf of General Cable Corporation. (NYSE: BGC) investors who purchased General Cable between February 23, 2012 and February 10, 2016, inclusive (the “Class Period”). The suit is for recovery of investor losses.

To participate in this class action lawsuit, visit the firm’s website at http://pawarlawgroup.com/cases/general-cable-corporation/, or email Vik Pawar, Esq. at vik@pawarlawgroup.com or call toll free at (866) 999-0873.

No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

On September 22, 2014, General Cable revealed that certain members of its staff sent 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 revealed to the investing public on September 23, 2014, General Cable dropped over 10.8% 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. 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. Furthermore, on December 29, 2016, General Cable suggested that the Company has agreed to pay $82.3 million to halt 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 revealed to the public, the value of General Cable stock further declined, causing investors harm.

If you wish to serve as lead plaintiff, you must move the Court no later than March 6, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You may join the case here: http://pawarlawgroup.com/cases/general-cable-corporation/ or email Vik Pawar, Esq. at vik@pawarlawgroup.com.

Contact:

Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (212) 571-0805
Fax: (212) 571-0938
vik@pawarlawgroup.com

SOURCE: Pawar Law Group

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