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Barclays (BCS) Unregistered Securities Case
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S.D. New YorkCourt
On 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.
Failure to Disclose,
Breach of Fiduciary duty,
Depository Securities (ADS, ADR, GDR)
Shock Event Date
28 March 2022
27 March 2023
Hon. Lewis J. Liman
15 September 2023
$BCS Case Update:
- Two lawsuits alleging that Barclays customers were deceived into purchasing unregistered securities have been merged in a New York federal court.
- Legal representation will be headed by the Texas-based firm Sbaiti & Co. PLLC.