NEW YORK, Oct. 22, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf of all purchasers of the securities of General Cable Corp. (NYSE:BGC) from May 3, 2011 through October 14, 2013 (the "Class Period").
To join the General Cable class action, go to the website at http://rosenlegal.com or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose throughout the Class Period that: (i) General Cable overstated its inventory balances and understated its cost of sales; (ii) General Cable 's reconciliation process was deficient for it failed to capture its finished goods inventory; (iii) General Cable understated its goodwill due to an overstatement of its inventory in allocating the purchase price among assets acquired; (iv) General Cable overstated its value added tax credits by at least $18 million; (v) General Cable improperly recognized approximately $30 million of revenue and $7 million of gross margin in connection with its "bill and hold" transactions for aerial transmission projects in Brazil; (vi) General Cable lacked adequate internal and financial controls; and (vii) as a result of the foregoing, General Cable's statements were materially false and misleading at all relevant times.
On October 15, 2013, General Cable disclosed that due to certain accounting errors related to its value added tax and revenue recognition in connection with its historical "bill and hold" transactions for aerial transmission projects in Brazil, its financial statements for fiscal years 2008 through 2012, the interim periods during those years, and the financial statements for the three fiscal months ended March 29, 2013 should no longer be relied upon. On this news, shares of General Cable fell $1.63 per share or approximately 5% on October 15, 2013 to close at $32.24 per share.
A class action lawsuit has already been filed on behalf of General Cable investors. If you wish to serve as lead plaintiff, you must move the Court no later than December 20, 2013. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm focuses on prosecuting securities class action litigation and actions involving financial fraud. The Rosen Law Firm represents investors throughout the globe concentrating its practice in securities class actions.
CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. Kevin Chan, Esq. The Rosen Law Firm P.A. Tel: (212) 686-1060 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 275 Madison Avenue, 34th Floor New York, New York 10016 firstname.lastname@example.org email@example.com firstname.lastname@example.org www.rosenlegal.comSource: The Rosen Law Firm PA PC