Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Barclays PLC (BCS)
Law Offices of Howard G. Smith reminds investors of the upcoming November 22, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Barclays PLC ("Barclays" or the "Company") (NYSE: BCS) American Depositary Receipts ("ADRs") between February 18, 2021 to March 25, 2022, inclusive (the "Class Period").
Investors suffering losses on their Barclays investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On March 28, 2022, Barclays disclosed that its subsidiary, Barclays Bank PLC ("BBPLC") had issued approximately $15.2 billion in unregistered securities under an August 2019 shelf registration, and that it would commence a rescission offer for those unregistered securities, expecting the losses to be approximately £450 million.
On this news, Barclays' stock fell $0.96, or 10.6%, to close at $8.09 per ADR on March 28, 2022, thereby injuring investors.
Then, on July 28, 2022, Barclays issued interim financial results, announcing that BBPLC had also overissued unregistered securities under a second shelf registration statemen. The Company disclosed that it had provisioned approximately $1.9 billion "related to the overissuance of structured notes" and approximately $201 million "related to liabilities that could be incurred arising out of ongoing discussion in respect of a potential SEC resolution."
On this news, Barclays' stock fell $0.41, or 5.2%, to close at $7.48 per ADR on July 28, 2022, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Barclays had a material weakness in its internal control environment due to the fact that the over-issuance had occurred and was not immediately identified; (2) BBPLC had and was selling unregistered securities in excess of the amounts registered by the August 2019 Shelf Registration Statement, (3) BBPLC was required to conduct a recission offer for those unregistered securities, and (4) BBPLC was violating U.S. securities laws and/or SEC regulations, subjecting Barclays to legal liability; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Barclays ADRs during the Class Period, you may move the Court no later than November 22, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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