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General Cable Corporation Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against General Cable Corporation ("Company") (NYSE:BGC). The firms are investigating additional legal claims against the officers and Board of Directors of General Cable during the period of May 3, 2011 and October 14, 2013 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, General Cable and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants' misrepresented and/or failed to disclose that (1) General Cable had overstated its revenues and earnings in violation of GAAP; (2) the Company understated cost of sales and overstated inventory balances; (3) the Company's use of bill and hold revenue recognition had inflated its reported results; and (4) General Cable's internal accounting controls were deficient and permitted the premature recognition of revenue, leading to materially misstated financial results. According to the complaint, when the true facts came to light, General Cable's stock dropped dramatically.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Source: Powers Taylor, LLP