Glencore Plc (OTC: GLCNF, GLNCY) Investor Securities Class Action Lawsuit 07/09/2018

If you purchased shares of Glencore Plc (OTC: GLCNF, GLNCY), you have certain options and for certain investors are short and strict deadlines running. Deadline: September 7, 2018. Glencore Plc investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Glencore
Case Name: 
Glencore Shareholder Class Action Lawsuit 07/09/2018
Case Status: 
Lawsuit Filed
Affected Securities
OTC: GLCNF
OTC: GLNCY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/09/2018
Class Period Begin: 
09/30/2016
Class Period End: 
07/02/2018
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
09/07/2018
Summary: 

July 9, 2018 - An investor in shares of Glencore Plc (OTC: GLCNF, GLNCY) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Glencore Plc in connection with certain allegedly false and misleading statements made between September 30, 2016 and July 2, 2018.

Switzerland based Glencore Plc engages in the production, refinement, processing, storage, transport and marketing of metals and minerals, energy products, and agricultural products worldwide. Glencore Plc reported that its annual Total Revenue rose from over $152.94 billion in 2016 to over $205.47 billion in 2017 and that its Net Income increased from over $1.37 billion in 2016 to over $5.77 billion in 2017.

Shares of Glencore Plc (OTC: GLCNF) rose from $1.01 per share in early 2016 to as high as $5.74 per share in early 2018.

On July 3, 2018, Glencore Plc disclosed on July 3, 2018, that the U.S. Department of Justice issued a subpoena to a subsidiary of the Company to produce records and other documentation regarding compliance with money laundering statutes and the Foreign Corrupt Practices Act.

Shares of Glencore Plc (OTC: GLCNF) declined on July 3, 2018 to as low as $4.17 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Glencore Plc (OTC: GLCNF, GLNCY) common shares between September 30, 2016 and July 2, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 30, 2016 and July 2, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Glencore Plc’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 that as a result, defendants’ statements about Glencore Plc’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.