NEW YORK, Jan. 26, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Freeport-McMoRan Inc. (“Freeport” or the “Company”) (NYSE: FCX ) and certain of its officers. The class action, filed in United States District Court, District of Arizona, and docketed under 16-cv-00186, is 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”).
If you are a shareholder who purchased Freeport securities during the Class Period, you have until March 28, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Freeport, a natural resource company, engages in the acquisition of mineral assets, oil, and natural gas resources.
Freeport’s co-founder and former Chief Executive Officer (“CEO”), James Moffett (“Moffett”), played a key role in developing the Company’s Indonesian operations, and often led negotiations for Freeport with Indonesian legislators and officials, rather than leaving it to the head executive of Freeport Indonesia.
In January 2015, Moffett, then the Company’s Executive Chairman, appointed Maroef Sjamsuddin (“Sjamsuddin”), a retired Air Vice Marshal of the Indonesian Air Force and deputy chief of Indonesia’s National Intelligence Agency, to head Freeport Indonesia, despite Sjamsuddin’s lack of experience in mining.
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) Sjamsuddin had discussed, with senior officials in the Indonesian government, bribing Indonesian government officials in return for an extension of 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 reported the news, initially reported by the Jakarta Globe, that Freeport Indonesia has pledged its full cooperation in an impending inquiry by the Indonesian House of Representatives in to allegations that Speaker Setya Novanto’s (“Novanto”) solicited bribes from Freeport. On this news, Freeport stock fell $0.36, or 4.1%, to close at $8.41 on November 19, 2015.
On November 25, 2015, the Indonesian magazine Tempo published an interview with Novanto concerning the probe into Novanto’s dealings with Freeport Indonesia. Concerning his meetings with Sjamsuddin, Novanto stated, in part, that he believed Sjamsuddin had attempted to “blackmail” and “entrap” him. On this news, Freeport stock fell $0.20, or 2.4%, to close at $8.10 on November 25, 2016.
On November 26, 2015, the blog Indonesian Development Monitoring reported that Indonesia’s State-Owned Enterprise Workers Union intended to request that the U.S. Department of Justice (“DOJ”) investigate 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, testifying before an Indonesian parliamentary committee regarding Novanto’s solicitation of bribes from Freeport, Sjamsuddin stated that he had turned over his recording of the conversation with Novanto to his superiors at Freeport to “show my integrity and transparency” before the recording was turned over to the Indonesian government. On this news, Freeport stock fell $0.15, or 1.9%, to close at $7.68 on December 3, 2015.
On December 28, 2015, Moffett resigned from his position as Executive Chairman of Freeport. On this news, Freeport stock fell $0.72, or 9.5%, to close at $6.85 on December 28, 2015.
On January 19, 2016, pre-market, Freeport announced the resignation of Sjamsuddin, citing “personal reasons.” On this news, Freeport stock fell $0.39, or 8.97%, to close at $3.96 on January 19, 2016.
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 70 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
CONTACT: CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
