NEW YORK, Dec. 30, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of General Cable Corporation ("General Cable" or the "Company") (NYSE: BGC). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether General Cable and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 22, 2014, General Cable disclosed that the Company was reviewing "payment practices," "the use of agents," and "the manner in which the payments were reflected on our books and records" in connection with General Cable's operations in Portugal, Angola, Thailand, and India. General Cable advised investors that these issues "may have implications under" the Foreign Corrupt Practices Act.
On this news, General Cable stock fell $0.93, or 4.68%, to close at $18.96 on September 22, 2014.
On December 29, 2016, The Wall Street Journal reported that General Cable had entered into a non-prosecution agreement with the U.S. Department of Justice, in which the Company "agreed to pay $75.8 million to settle allegations it paid bribes across Africa and Asia and . . . agreed to an additional $6.5 million penalty to settle accounting-related violations."
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP