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Case Status:    DISMISSED    
On or around 01/27/2015 (Court's order of dismissal)

Filing Date: October 21, 2013

According to the law firm press release, General Cable designs, develops, manufactures, markets, and distributes copper, aluminum, and fiber optic wire and cable products for the communications, electrical, and energy markets.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company understated cost of sales and overstated inventory balances; (2) the Company's reconciliation process was deficient as it failed to detect finished goods inventory; (3) the Company overstated inventory in its allocation of the purchase price among assets acquired, resulting in an understatement of goodwill; (4) the Company overstated its value added tax credits by at least $18 million; (5) the Company improperly recognized revenue of approximately $30 million and $7 million of gross margin in connection with "bill and hold" transactions for aerial transmission projects in Brazil; (6) the Company lacked adequate internal and financial controls; and (7) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

On October 15, 2013, the Company disclosed that due to certain accounting errors related to the Company's value added tax ("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. On this news, General Cable securities declined $1.63 per share or nearly 5%, to close at $32.24 per share on October 15, 2013.

On February 5, 2014, the Court issued an Order transferring this case to the United States District Court for the Eastern District of Kentucky for all further proceedings.

On March 12, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed a consolidated complaint on May 20.

On January 27, 2015, the Court issued an Order granting Defendants' motion to dismiss with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BGC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Kentucky
DOCKET #: 13-CV-07409
JUDGE: Hon. Ronnie Abrams
DATE FILED: 10/21/2013
CLASS PERIOD START: 05/03/2011
CLASS PERIOD END: 10/14/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: E.D. Kentucky
DOCKET #: 14-CV-00022
JUDGE: Hon. Ronnie Abrams
DATE FILED: 05/20/2014
CLASS PERIOD START: 11/03/2010
CLASS PERIOD END: 10/14/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. The Jaeger Firm, PLLC
    23 Erlanger Road, The Jaeger Firm, PLLC, KY 41018
    859/342-4500 859/342-4501 ·
  3. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date