Case Name: Barclays PLC
Court: Southern District of New York
Case Number: 22-CV-08172
Class Period: February 18, 2021 through March 25, 2022
A securities class action against Barclays ($BCS) has arrived on the heels of a $361 million SEC penalty and in the wake of (mixed metaphor alert) a rescission offer stemming from (that’s three) a massive over-issuance of bonds. Our over-issuance of metaphors here is an homage.
The plaintiff’s class action complaint offers a succinct explanation of the mess: Barclays “sold approximately $16.37 billion of unregistered securities in excess of the maximum $20.8 billion of securities registered under the August 2019 Shelf Registration Statement (for a total of approximately $37 billion).”
[Aside: A "Shelf Registration Statement" is a filing with the SEC to register a public offering. It would also be a great name for a early 1970s British folk rock band.]
The complaint continues, "[Barclays] sold an additional $1.27 billion of unregistered securities in excess of the maximum aggregate amount registered pursuant to the March 2018 Shelf Registration Statement.” So, a total of nearly $17.7 billion.
This past August Barclays made a “rescission offer,” which offerd to buy back, with interest, over 3000 bonds and exchange traded notes. The SEC settlement consists of a $200 million penalty and a $161 million Fair Fund. More info available here: https://sec.gov/news/press-release/2022-179
The class action, filed on September 29 and now proceeding in the Southern District of New York, is on behalf of, “all persons who purchased or otherwise acquired Barclays ADRs on a U.S. open market during the class period February 18, 2021 through March 25, 2022, both dates inclusive.”
This litigation is one of hundreds of pending class actions that Chicago Clearing Corporation is tracking. We’ve been following the over-issuance for months now. In fact, we track potential securities litigations before they are even filed.
When you outsource class action monitoring and class action claim filing to Chicago Clearing Corporation, you get a team that not only tracks but anticipates class actions. With CCC on your side, you stay ahead of the pack. You keep your edge. You rise to the next level. You…
(Pardon me, literary regulators have informed me my pile of mixed metaphors have exceeded statutory limits.)
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Case Name: Amazon.com
Court: Western District of Washington
Case No: 22-CV-00617, 2:22-CV-907
Complaint 1. Anticompetitive Practices
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Registered Investment Advisor
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