BARCLAYS PLC (NYSE: BCS) CLASS ACTION WARNING TO SHAREHOLDERS: Bernstein
NEW YORK, Sept. 28, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that on behalf of investors who have purchased or otherwise acquired Barclays PLC (“Barclays” or the “Company”) American Depositary, a securities Class action lawsuit was filed between receipts (“ADRs”) February 18, 2021 and March 25, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York alleging violations of the Securities Exchange Act of 1934.
Barclays is a British universal bank offering consumer banking and payments services, global corporate and investment banking services in the United Kingdom (“UK”), the United States (“US”) and Europe.
Barclays 2020 Annual Report on Form 20-F filed with the SEC on February 18, 2021 (“2020 Barclays 20-F”) and 2021 Annual Report on Form 20-F filed with the SEC on February 23, 2022 (“ 2021 Barclays 20-F”), informed investors that Barclays’ internal controls over financial reporting were effective.
However, these statements were materially false and misleading or failed to disclose material information necessary for statements on Form 20-F not to be misleading, in violation of Section 10(b) of the Exchange Act and Rule 10b-5.
As Barclays has since admitted, Barclays’ internal controls over financial reporting were not effective during the class action period and there was a material weakness in those controls as BBPLC, a wholly owned subsidiary of Barclays, issued and did not sell as of February 18, 2021 registered securities valued at approximately $17.64 billion in excess of the maximum number of securities registered in two BBPLC shelf registration statements; and the fact that the overissuance was not immediately discovered.
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