NEW YORK, March 10, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against Freeport-McMoRan Inc. ("Freeport" or "the Company") (NYSE: FCX). The class action has been filed in the United States District Court, District of Arizona on behalf of a class consisting of all persons or entities who purchased Freeport securities between February 27, 2015 and January 15, 2016, inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Freeport is one of the world's largest producers of copper and gold, headquartered in Phoenix, Arizona.
Freeport's co-founder and former Chief Executive Officer, James Moffett, was heavily involved in developing Freeport's Indonesian operations, and often led negotiations for Freeport with Indonesian legislators and officials.
In January 2015, Moffett, together with Freeport's then Executive Chairman, Maroef Sjamsuddin, a retired Air Vice Marshal of the Indonesian Air Force, and deputy chief of Indonesia's National Intelligence Agency, headed Freeport Indonesia, regardless of Sjamsuddin's lack of familiarity in mining.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Freeport's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Sjamsuddin had discussed, with senior officials in the Indonesian government, inducing Indonesian government officials to extended Freeport's right to operate in the country; (ii) that Freeport had violated the Foreign Corrupt Practices Act ("FCPA"); and (iii) as a result of the foregoing, Freeport's public statements were materially false and misleading at all relevant times.
On November 19, 2015, the Financial Times released (as was originally reported by the Jakarta Globe), that Freeport Indonesia has promised to fully cooperate in an impending investigation by the Indonesian House of Representatives in to allegations that Speaker Setya Novanto's ("Novanto") solicited bribes from Freeport. Following this news, on that same day, Freeport stock fell $0.36, or 4.1%, to close at $8.41.
On November 25, 2015, the Indonesian magazine Tempo reported an interview with Novanto regarding the investigation into Novanto's dealings with Freeport Indonesia. Novato said, in part, that he believed Sjamsuddin had attempted to "blackmail" and "entrap" him. Following this news, on that same day, Freeport stock fell $0.20, or 2.4%, to close at $8.10.
On November 26, 2015, the Indonesian Development Monitoring blog announced that Indonesia's State-Owned Enterprise Workers Union would be requesting that the U.S. Department of Justice ("DOJ") examine Freeport for potential violations of the FCPA, "by engaging in what we believe is likely . . . bribery of high-level government official and Chief of House Speaker in Indonesia to renew the Freeport mining contract."
On December 3, 2015, Sjamsuddin testified and turned over a recording of a conversations with Novanto to the Indonesian government, to "show my integrity and transparency". Following this news, on that same day, Freeport stock fell $0.15, or 1.9%, to close at $7.68.
On December 28, 2015, James Moffett resigned from his position as Executive Chairman of Freeport. Following this news, on that same day, Freeport stock fell $0.72, or 9.5%, to close at $6.85.
On January 19, 2016, Sjamsuddin resigned. Reuters reported his resignation to be for "personal reasons". Following this news, on that same day, Freeport stock fell $0.39 per share, or 8.97%, to $3.96, a new 5 year low.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!fcx/g2t7h. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Freeport you have until March 28, 2016 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.
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 | firstname.lastname@example.org
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