Class Period: Jul 10, 2007 to Jun 27, 2012
Lead Plaintiff Deadline: Sep 8, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against Barclays PLC (Barclays ) behalf of all persons and entities who purchased publicly traded ADRs of Barclays between July 10, 2007 and June 27, 2012. This case has been filed in the USDC - New York (Southern).
On June 27, 2012, Barclays was found by US and UK regulators to have manipulated or "fixed" its rate submissions. Barclays' top management essentially admitted to the Bank's malfeasance. In an open letter to the chairman of the Treasury Select Committee, Bob Diamond, chief executive of Barclays, disclosed their illegal conduct.
First, a number of individual traders manipulated the bank's interest rate submissions in order to boost their own trading desk's profits. Operating purely for their own benefit, Diamond said this conduct was wholly inappropriate.
Second, that during the credit crisis Barclays reduced its Libor submissions to protect the reputation of the bank from negative speculation, which arose as a result of Barclays' higher rate submissions in comparison to other banks - i.e. the bank wanted to make itself look stronger relative to other banks in order to keep its borrowing costs down and market reputation up.
These admissions caused the Company's ADRs initially to fall by 12%, from $12.33 per share to $10.84 per share on over 22 million shares traded. On the following trading date, the Company's stock price fell an additional 5%, to $10.30 per share, on over 14 million shares traded.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.