NEW YORK, July 12, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of New Jersey against Glencore PLC (“Glencore” or the “Company”) (OTCMKTS:GLNCY) (OTCMKTS:GLNCF), on behalf of shareholders who purchased or otherwise acquired Glencore American Depositary Receipts (“ADR’s) between September 30, 2016 through July 2, 2018, both dates inclusive (the “Class Period”).
Investors who have incurred losses in the ADR’s of Glencore PLC a re urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the ADR’s of Glencore PLC , you may, no later than September 7, 2018 , request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Glencore PLC.
The filed Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that:
- 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
- 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 July 3, 2018, Glencore disclosed receipt of a subpoena from the United States (U.S) Department of Justice seeking documents and other records related to Glencore’s compliance with the U.S. Foreign Corrupt Practices Act and U.S. money laundering statutes. Glencore stated that the subpoena relates to its operations in Nigeria, Venezuela, and the Democratic Republic of Congo.
Glencore has represented that the company "takes ethics and compliance very seriously" and is "committed to complying with or exceeding the laws and external requirements" applicable to its operations and products.
On May 28, 2018, Bloomberg News reported that the United Kingdom’s Serious Fraud Office was preparing to investigate Glencore for bribery in connection with Glencore's work with Israeli billionaire Dan Gertler, and the leader of the Democratic Republic of Congo.
Subsequently, on July 3, 2018, Glencore disclosed that the U.S. Department of Justice issued its subsidiary a subpoena to produce documents and other records in connection with the company's compliance with U.S. money laundering laws and the Foreign Corrupt Practices Act.
Since news of Glencore's troubles began to come to light, Glencore's ADR (GLNCF) has fallen nearly 22% to close at $4.20 per share on July 3, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com , kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
