According to the Complaint, Glencore PLC ("Glencore" or the "Company") engages in the production, refinement, processing, storage, transport and marketing of metals and minerals, energy products, and agricultural products worldwide. Glencore is incorporated in Jersey, United Kingdom, with headquarters in Baar, Switzerland. Glencore operates mines in the Democratic Republic of Congo (“DRC”).
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Glencore’s conduct would subject it to heightened scrutiny by U.S. and foreign government bodies resulting in investigations into the Company’s compliance with money laundering and bribery laws, as well as the Foreign Corrupt Practices Act; and (2) as a result, Defendants’ statements about Glencore’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On December 13, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 7, 2020. Defendants filed a Motion to Dismiss the amended Complaint on February 11. On July 31, the Court issued an Order granting Defendants' Motion to Dismiss.