Ryan & Maniskas, LLP Announces Class Action Lawsuit Against General Cable Corp.
WAYNE, Pa., Oct. 25, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased General Cable Corporation ("General Cable" or the "Company") (NYSE: BGC) between May 3, 2011 and October 14, 2013., inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/bgc.
The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose throughout the Class Period that: (1) General Cable overstated its inventory balances and understated its cost of sales; (2) General Cable 's reconciliation process was deficient for it failed to capture its finished goods inventory; (3) General Cable understated its goodwill due to an overstatement of its inventory in allocating the purchase price among assets acquired; (4) General Cable overstated its value added tax credits by at least $18 million; (5) General Cable improperly recognized approximately $30 million of revenue and $7 million of gross margin in connection with its "bill and hold" transactions for aerial transmission projects in Brazil; (6) General Cable lacked adequate internal and financial controls; and (7) as a result of the foregoing, General Cable's statements were materially false and misleading at all relevant times.
On October 15, 2013, General Cable disclosed that due to certain accounting errors related to its value added tax and revenue recognition in connection with its historical "bill and hold" transactions for aerial transmission projects in Brazil, its financial statements for fiscal years 2008 through 2012, the interim periods during those years, and the financial statements for the three fiscal months ended March 29, 2013 should no longer be relied upon. On this news, shares of General Cable fell $1.63 per share or approximately 5% on October 15, 2013 to close at $32.24 per share.
If you are a member of the class, you may, no later than December 20, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/bgc or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP