Glencore plc (OTC PINK: GLNCY)
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Glencore plc (OTC PINK: GLNCY), during the period between September 30, 2016, and July 2, 2018 (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Glencore's conduct would foreseeably subject it to heightened scrutiny by U.S. and foreign government bodies with respect to the Company's compliance with money laundering and bribery laws and the U.S. Foreign Corrupt Practices Act ("FCPA"); and (ii) as a result, Defendants' statements about Glencore's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
On May 18, 2018, Bloomberg reported that the U.K.'s Serious Fraud Office was preparing to open a formal bribery investigation into Glencore.
On this news, shares of GLNCY fell $0.55 per share, or over 5%, to close at $10.13 per share on May 18, 2018, while shares of GLCNF fell $0.32 per share, or nearly 6%, to close at $5.06 per share on May 18, 2018.
Then, on July 3, 2018, pre-market, Glencore disclosed that the U.S. Department of Justice had issued its subsidiary Glencore Ltd a subpoena to produce documents and other records in connection with its compliance with U.S. money laundering statutes and the FCPA.
On this news, shares of GLNCY fell $0.86 per share, or over 9%, to close at $8.31 per share on July 3, 2018, while shares of GLCNF fell $0.41 per share, or nearly 9%, to close at $4.20 per share on July 3, 2018.
If you are a current shareholder and/or purchased stock between September 30, 2016, and July 2, 2018 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.