FREEPORT-MCMORAN INC. Shareholder Alert: Former SEC Attorney Willie Briscoe & Powers Taylor Investigate Possible Breaches of ...
January 28 2016 - 3:49PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor LLP announce that a
federal class action lawsuit has been filed in the United States
District Court, District of Arizona against Freeport-McMoRan Inc.
(“Freeport”) (NYSE: FCX) and several officers and directors for
acts taken during the period of February 27, 2015 to January 15,
2016 (the “Class Period”).
Based upon the allegations in the class action, the firms are
investigating additional legal claims against the officers and
Board of Directors of Freeport. If you are an affected Freeport
shareholder and want to learn more about the lawsuit or join the
action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via
email at shareholders@thebriscoelawfirm.com, Patrick Powers at
Powers Taylor LLP via email at shareholder@powerstaylor.com, or
call toll free at (877) 728-9607. There is no cost or fee to
you.
According to the complaint, the defendants are alleged to have
violated certain provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges, among other things, that,
defendants made false and/or misleading statements and/or failed to
disclose that: (i) Maroef Sjamsuddin had discussed, with senior
officials in the Indonesian government, bribing Indonesian
government officials in return for an extension of Freeport’s right
to operate in the country; (ii) that Freeport had violated the
Foreign Corrupt Practices Act; and (iii) as a result of the
foregoing, its public statements were materially false and
misleading at all relevant times. Freeport stock dropped
significantly following a series of announcements related to the
alleged bribes in Indonesia.
On November 19, 2015, the Financial Times reported that Freeport
Indonesia has pledged its full cooperation in an impending inquiry
by the Indonesian House of Representatives into allegations that
Speaker Setya Novanto solicited bribes from Freeport. On November
25, 2015, the Indonesian magazine Tempo published an interview with
Novanto concerning the probe into his dealings with Freeport
Indonesia. Novanto stated that he believed Sjamsuddin had attempted
to blackmail and entrap him. On November 26, 2015, the Indonesian
Development Monitoring blog reported that Indonesia’s State-Owned
Enterprise Workers Union intended to request that the U.S.
Department of Justice investigate Freeport for potential violations
of the FCPA, specifically, what they believed to be bribery of
high-level government official and Chief of House Speaker in
Indonesia to renew the Freeport mining contract. On December 3,
2015, Sjamsuddin testified before an Indonesian parliamentary
committee regarding Novanto’s solicitation of bribes from Freeport,
stating that he had turned over his recording of the conversation
with Novanto to his superiors at Freeport to show his integrity and
transparency before the recording was turned over to the Indonesian
government. On December 28, 2015, James Moffett, Freeport’s
co-founder and former Chief Executive Officer who appointed
Sjamsuddin to head Freeport Indonesia in January 2015, resigned
from his position as Executive Chairman of Freeport. On January 19,
2016, Freeport announced the resignation of Sjamsuddin, citing
“personal reasons.”
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles
a variety of complex business litigation matters, including claims
of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160128006453/en/
The Briscoe Law Firm, PLLCWillie Briscoe,
877-728-9607shareholders@thebriscoelawfirm.comorPowers Taylor
LLPPatrick Powers, 877-728-9607shareholder@powerstaylor.com
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