On September 22, 2014, General Cable divulged that it had found some of its employees had made payments to officials of Angola government-owned public utilities that raise concerns under the Foreign Corrupt Practices Act of 1977. Following this news, General Cable stock dropped $2.15 per share or over 10.8% to close at $17.74 on September 23, 2014.
On February 10, 2016, General Cable said that due to new deals and other considerations, the Company may have made an additional profit of up to $33 million from trades violating the FCPA, which amounts would have to be emptied, with interest. Following this news, General Cable stock dropped $3.05 per share or over 31.6% to close at $6.60 on February 11, 2016.
Then on December 29, 2016, General Cable revealed that it decided to pay $82.3 million to resolve the U.S. government's investigation of inappropriate payments to government officials in Egypt, Angola, Bangladesh, China, Indonesia and Thailand. The U.S. Department of Justice said, "[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 are aware of any facts relating to this investigation, or purchased General Cable shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/bgc. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC