SAN DIEGO, Oct. 4, 2022 (GLOBE NEWSWIRE) —
The class: Law firm for shareholder rights Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all persons who have purchased or otherwise acquired Barclays plc UCS American Depository Receipts (ADRs) on a US Open Market between February 18, 2021 and March 25, 2022 for breaches of the Securities Exchange Act of 1934. Barclays is a British universal bank providing consumer banking and payment services in the United Kingdom, United States and Europe, and global corporate and investment banking services.
If you would like more information about Barclays plc’s wrongdoing, click here here.
What is it about in this case: Barclays plc (BCS) had ineffective internal controls over financial reporting
According to the complaint, as of February 18, 2021, BBPLC, a wholly owned subsidiary of Barclays, has issued and sold approximately $17.64 billion of unregistered securities in excess of the maximum number of securities held in two BBPLC Shelf registration statements were registered, which was not immediately discovered. The excessive issuance and sale of the unregistered securities was a violation of US securities laws and/or SEC rules.
On March 28, 2022, before the trading market for Barclays ADRs opened for the day, Barclays announced for the first time over underwriting that BBPLC had issued approximately $15.2 billion in unregistered securities under an August 2019 shelf registration statement , the BBPLC would submit an exit bid for these unregistered securities and that Barclays had expected an exit loss of around £450m. In response to this news, the price of Barclays ADRs fell 10.61% or $0.96 per ADR on March 28, 2022 from a closing price of $9.05 per ADR on March 25, 2022 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 released preliminary financial results for the quarter…
