Hagens Berman Advises Freeport-McMoran Inc. (NYSE: FCX) Investors of March 28, 2016 Lead Plaintiff Deadline in a Newly Filed ...
February 01 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, with offices in Phoenix, Arizona, announces the filing of a
securities fraud class action lawsuit against Freeport-McMoran Inc.
(NYSE:FCX) related to allegations of corruption in the Company’s
Indonesian operations, and alerts investors there is a March 28,
2016 lead plaintiff deadline.
If you suffered losses because of your purchases of
Freeport-McMoran between February 27, 2015 and January 15, 2016, or
have information that will help our continuing investigation
contact Hagens Berman Partner Reed Kathrein, who is leading the
firm’s investigation by calling 510-725-3000,
emailing FCX@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/FCX. The lawsuit was filed in
the U.S. District Court for the Southern District of Arizona and
investors have until March 21, 2016 to move the court to
participate as a lead plaintiff.
Freeport-McMoran’s share price began a downward slide several
months ago when, on November 19, 2015, the Financial Times reported
that Freeport Indonesia pledged it would cooperate in an inquiry by
the Indonesian House of Representatives of allegations that
Indonesian government officials accepted bribes from Freeport. On
this news, Freeport stock fell $0.36, or 4.1%, to close at $8.41 on
November 19, 2015.
On November 25, 2015, Freeport stock fell again after an
Indonesian magazine published an interview revealing details about
the alleged bribery, and the stock fell $0.20, or 2.4%, to close at
$8. The next day, on November 26, 2015, the blog Indonesian
Development Monitoring 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. On this news, Freeport stock fell $0.15, or 1.9%, to
close at $7.68 on December 3, 2015.
On December 28, 2015, the Executive Chairman of Freeport
resigned and stock fell $0.72, or 9.5%, to close at $6.85 on
December 28, 2015. On January 19, 2016, pre-market, Freeport
announced the resignation of Maroef Sjamsoeddin, the CEO of
Freeport Indonesia, citing personal reasons. On this news, Freeport
stock fell $0.39, or 8.97%, to close at $3.96 on January 19,
2016.
The complaint alleges that Freeport misled investors by failing
to disclose their bribery of Indonesian officials and the fact that
their executives were possibly violating the FCOA. As a result,
their statements were false, misleading, and lacked a reasonable
basis throughout the class period.
Whistleblowers: Persons with non-public
information regarding Freeport-McMoran should consider their
options to help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email FCX@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered in Seattle,
Washington with offices in 10 cities. The Firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the Firm and its successes can be found at
www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit
the blog. For the latest news visit our newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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