NEW YORK, NY / ACCESSWIRE / October 4, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Barclays PLC ("Barclays" or the "Company") (NYSE:BCS). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.
The investigation concerns whether Barclays and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 28, 2022, Barclays announced that Barclays Bank PLC ("BBPLC") had issued approximately $15.2 billion in unregistered securities under an August 2019 shelf registration statement, that BBPLC would commence a rescission offer for those unregistered securities, and that Barclays expected the rescission losses to be approximately £450m.
On this news, Barclays' American Depositary Receipt ("ADR") price fell $0.96 per ADR, or 10.61%, to close at $8.09 per ADR on March 28, 2022.
Then, on July 28, 2022, Barclays issued interim financial results for the quarter ending June 30, 2022 and announced for the first time that BBPLC had also over-issued unregistered securities under a second BBPLC shelf registration statement. The July 28, 2022 financial results announcement also informed investors that Barclays had provisioned "£1,592m [approximately $1.940 billion] (December 2021: £220m) related to the overissuance 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, Barclays' ADR price fell $0.41 per ADR, or 5.2%, to close at $7.48 per ADR on July 28, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP