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BCS.US
id: 310
Barclays (BCS) Unregistered Securities Case
S.D. New York
Court1:23-cv-02583
Case number26 Jun 2019
Class period Start14 Mar 2022
Class period EndOn March 28, 2022, Barclays (BCS) for the first time disclosed to investors that:
- had issued approximately $15.2 billion in unregistered securities in excess of the maximum amount of securities registered in an August 2019 shelf registration statement,
- BBPLC would commence a rescission offer for those unregistered securities,
- Barclays expected the rescission losses to be c.£450m (approximately $589.5 million).
On this news, the price of Barclays ADRs declined over 10% on March 28, 2022, seriously damaging investors.
Further, on July 28, 2022, the Company announced that:
- BBPLC had also over-issued unregistered securities in excess of the maximum amount of securities registered in a second BBPLC shelf registration statement
- Barclays had provisioned “£1,592m (approximately $1.940 billion) related to the overissuance of structured notes and £165m (approximately $201 million) related to liabilities that could be incurred arising out of ongoing discussions in respect of a potential SEC resolution.”
All things considered, investors have reason to suspect that the Company has violated their fundamental rights by failing to provide or withhold material information.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements,
Fraud,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Investment Bank,
Service Provider
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Shock Event Date
28 March 2022
Filing date
27 March 2023
Judge
Hon. Lewis J. Liman