NEW YORK, Jan. 5, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at General Cable Corp. ("General Cable" or the "Company") (NYSE: BGC).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company might have engaged in activities in violation of the Foreign Corrupt Practices Act of 1977 ("FCPA").
Specifically, on December 29, 2016, General Cable announced that it had agreed to pay a criminal penalty of over $20 million to resolve the Department of Justice's investigation of inappropriate payments to government officials in Egypt, Angola, Bangladesh, China, Indonesia and Thailand. According to the Department of Justice, "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." The Company will also give up or disgorge profits of about $51.2 million and pay a $4.1 million in interest.
Request more information now by clicking here: www.faruqilaw.com/BGC. There is no cost or obligation to you.
If you invested in General Cable stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/BGC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding General Cable's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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