STEVENSON, Md., Oct. 22, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of General Cable Corporation ("General Cable" or the "Company") (NYSE:BGC) securities during the period between May 3, 2011 and October 14, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in General Cable Corporation securities purchased on or after May 11, 2011, and held through the revelation of negative information on October 15, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 20, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company understated cost of sales and goodwill, overstated inventory balances and its value added tax ("VAT") credits, and improperly recognized revenue in connection with "bill and hold' transactions for aerial transmission projects in Brazil. According to the complaint, following the Company's October 15, 2013 disclosure that, due to certain accounting errors related to the Company's VAT and revenue recognition in connection with historical "bill and hold" transactions for aerial transmission projects in Brazil, the Company's financial statements for fiscal years 2008 through 2012 and 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, the value of General Cable shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation