Barclays plc Equity Alert: Robbins LLP Reminds Shareholders of Lead Plaintiff Deadline in Class Action Against Barclays plc (BCS)
Sep 30th, 2022 18:09 EST
SAN DIEGO--(BUSINESS WIRE)--The Class: Shareholder rights law firm Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons who purchased or otherwise acquired Barclays plc (NYSE: BCS) American Depository Receipts (ADRs) on a U.S. open market between February 18, 2021 and March 25, 2022, for violations of the Securities Exchange Act of 1934. Barclays is a British universal bank, offering consumer banking and payments services in the United Kingdom, United States, and Europe, as well as global corporate and investment banking services.
If you would like more information about Barclays plc's misconduct, click here.
What is this Case About: Barclays plc (BCS) Had Ineffective Internal Controls over Financial Reporting
According to the complaint, starting on February 18, 2021, BBPLC, 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 BBPLC shelf registration statements, which was not immediately discovered. The over-issuance and sale of the unregistered securities was a violation of U.S. securities laws and/or SEC regulations.
On March 28, 2022, before the trading market for Barclays ADRs opened for the day, Barclays announced the over-issuance for the first time, that 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 c.£450m. In response to this news, on March 28, 2022, the price of Barclays ADRs declined 10.61%, or $0.96 per ADR, from a closing price on March 25, 2022 of $9.05 per ADR to a closing price of $8.09 per ADR on the next trading day.
Then, on July 28, 2022, before the trading market for Barclays ADRs opened for the day, 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 the price of Barclays ADRs declined $0.41 per ADR, or 5.2%, to close at $7.48 per ADR on July 28, 2022.
Next Steps: If you acquired shares of Barclay plc ADRs between February 18, 2021 and March 25, 2022, you have until November 22, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Barclays plc settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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