SAN DIEGO, CA / ACCESSWIRE / October 3, 2022 / Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Barclays PLC (NYSE:BCS) American Depositary Receipts ("ADRs") on a U.S. open market between February 18, 2021 and March 25, 2022, inclusive (the "Class Period") have until November 22, 2022 to seek appointment as lead plaintiff in the Barclays class action lawsuit. Captioned City of North Miami Beach Police Officers' and Firefighters' Retirement Plan v. Barclays PLC, No. 22-cv-08172 (S.D.N.Y.), the Barclays class action lawsuit charges Barclays and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Barclays class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].
CASE ALLEGATIONS: The Barclays class action lawsuit alleges that, during the Class Period, Barclays internal controls over financial reporting were not effective, and there was a material weakness in those controls, due to the fact that starting on February 18, 2021, Barclays Bank PLC ("Barclays Bank"), a wholly owned subsidiary of Barclays, issued and sold approximately $17.64 billion in unregistered securities over and above the maximum amount of securities registered in two Barclays Bank shelf registration statements, and the fact that the over- issuance was not immediately discovered. The over-issuance and sale of these unregistered securities was also a violation of U.S. securities laws and/or U.S. Securities and Exchange Commission ("SEC") regulations, and subjected Barclays to legal liability and claims of rescission.
The Barclays class action lawsuit further alleges that Barclays 2021 quarterly earnings releases and the 2021 Annual Report on Form 20-F, filed with the SEC on February 23, 2022 were also materially false and misleading, or failed to disclose material information because, among other reasons: (i) they failed to disclose the over-issuance, and that Barclays Bank was violating U.S. securities laws and/or SEC regulations, subjecting Barclays to legal liability and claims of rescission; and (ii) as a result, Barclays' reported litigation and conduct expenses and total operating expenses were understated, and Barclays' reported net profit was overstated.
On March 28, 2022, Barclays announced the over-issuance for the first time, that Barclays Bank had issued approximately $15.2 billion in unregistered securities under an August 2019 shelf registration statement, that Barclays Bank would commence a rescission offer for those unregistered securities, and that Barclays expected the rescission losses to be £450m. On this news, the price of Barclays ADRs declined by more than 10%.
Then, on July 28, 2022, Barclays announced for the first time that Barclays Bank had also over-issued unregistered securities under a second Barclays Bank shelf registration statement. Barclays also informed investors that Barclays had provisioned "£1,592m [approximately $1.940 billion] (December 2021: £220m) related to the over-issuance of structured notes and £165m [approximately $201 million] (December 2021: nil) related to liabilities that could be incurred arising out of ongoing discussions in respect of a potential SEC resolution." On this news, the price of Barclays ADRs declined an additional 5.2%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Barclays ADRs on a U.S. open market during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Barclays class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Barclays class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Barclays class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone - more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
SOURCE: Robbins Geller Rudman & Dowd LLP