INVESTOR ALERT: Kaskela Law LLC Announces Class Action Lawsuit Against Glencore plc
Jul. 10, 2018
RADNOR, Pa., July 10, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a class action lawsuit has been filed against Glencore plc (OTC:GLCNF) (OTC:GLNCY) (“Glencore” or the “Company”) on behalf of purchasers of the Company’s securities between September 30, 2016 and July 2, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Glencore’s securities during the Class Period may, no later than September 7, 2018, seek to be appointed as a lead plaintiff representative of the investor class. Glencore investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or via http://kaskelalaw.com/case/glencore-plc/, for additional information about this action or to submit their information.
As detailed in the complaint, on May 18, 2018, Bloomberg reported that “[t]he U.K.’s white-collar crime prosecutor is preparing to open a formal bribery investigation into Glencore Plc and its work with Israeli billionaire Dan Gertler and the leader of Democratic Republic of Congo.” Following this news, Glencore’s securities declined in value by over five percent.
Then, on July 3, 2018, Glencore disclosed that it had received a subpoena from the U.S. Department of Justice “to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes.” The Company further disclosed that the “requested documents relate to the Glencore Group’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present.” Following this disclosure, Glencore’s securities declined in value by an additional nine percent.
The class action complaint alleges that Glencore and certain other defendants made a series of false and misleading statements and/or failed to disclose to investors during the Class Period that: (i) Glencore’s conduct would subject it to heightened scrutiny by U.S. and foreign government bodies resulting in investigations into the company’s compliance with money laundering and bribery laws, as well as the Foreign Corrupt Practices Act; 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. The complaint further alleges that, as a result of the foregoing, investors purchased Glencore’s securities stock at artificially inflated prices during the Class Period and have sustained significant investment losses.
Glencore investors are encouraged to contact Kaskela Law LLC, prior to September 7, 2018, for additional information about this action or to submit their information. Kaskela Law LLC exclusively represents investors in state and federal courts throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
KASKELA LAW LLCDavid Seamus Kaskela, Esq.201 King of Prussia RoadSuite 650Radnor, PA 19087 (484) 258 – 1585 (888) 715 – 1740 www.kaskelalaw.com