Barclays PLC
| Company Name | Barclays PLC |
| Stock Symbol | BCS |
| Class Period | February 18, 2021 to March 25, 2022 |
| Lead Plaintiff Motion Deadline | November 22, 2022 |
On March 28, 2022, Barclays disclosed that its subsidiary, Barclays Bank PLC (“BBPLC”) had issued approximately $15.2 billion in unregistered securities under an August 2019 shelf registration, and that it would commence a rescission offer for those unregistered securities, expecting the losses to be approximately £450 million.
On this news, Barclays’ stock fell $0.96, or 10.6%, to close at $8.09 per ADR on March 28, 2022, thereby injuring investors.
Then, on July 28, 2022, Barclays issued interim financial results, announcing that BBPLC had also overissued unregistered securities under a second shelf registration statement. The Company disclosed that it had provisioned approximately $1.9 billion “related to the overissuance of structured notes” and approximately $201 million “related to liabilities that could be incurred arising out of ongoing discussion in respect of a potential SEC resolution.”
On this news, Barclays’ stock fell $0.41, or 5.2%, to close at $7.48 per ADR on July 28, 2022, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Barclays had a material weakness in its internal control environment due to the fact that the over-issuance had occurred and was not immediately identified; (2) BBPLC had and was selling unregistered securities in excess of the amounts registered by the August 2019 Shelf Registration Statement, (3) BBPLC was required to conduct a recission offer for those unregistered securities, and (4) BBPLC was violating U.S. securities laws and/or SEC regulations, subjecting Barclays to legal liability; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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