NEW YORK, March 03, 2017 (GLOBE NEWSWIRE) -- Stull, Stull & Brody today announced that a securities fraud complaint has been filed and that it has commenced an investigation relating to the 401(k) defined contribution plan of General Cable Corporation securities (NYSE:BGC) (“General Cable” or the "Company"). Among other things, Stull, Stull & Brody is investigating whether fiduciaries of General Cable 's 401(k) plan violated the Employee Retirement Income Security Act of 1974 ("ERISA") by offering General Cable stock as an investment option under the plan when it was not prudent to do so and by failing to disclose the Company's true financial and operating condition to participants and beneficiaries of the plan.
If you held General Cable stock in an individual account under a Company 401(k) plan between 2012 and 2016 and you have questions about your legal rights or interests with respect to these matters, please contact Michael Klein, Esq. at Stull, Stull & Brody by e-mail at BGC@ssbny.com, by calling toll-free 1-800-337-4983 x147, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
The securities fraud action filed in the U.S. District Court for the Southern District of New York focuses on whether, between February 23, 2012 and February 10, 2016, the defendants issued materially false and misleading statements to investors and/or failed to disclose: (1) in violation of the Foreign Corrupt Practices Act of 1997, General Cable paid millions of dollars in bribes to government officials in foreign countries to secure business; (2) General Cable’s revenues were in part the product of illegal conduct, subject to disgorgement, and likely unsustainable; and (3) the foregoing conduct, when it became known, would subject General Cable to significant regulatory scrutiny and financial penalties. When the truth emerged, General Cable’s investors suffered damages.
You may retain Stull, Stull & Brody, or other counsel of your choice, to represent you. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Beverly Hills.
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