Sign In
Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
BCS.US
id: 310

Barclays (BCS) Unregistered Securities Case

The defendant has requested the court to dismiss the case.
S.D. New York
Court
1:23-cv-02583
Case number
06/26/2019
Class period Start
03/14/2022
Class period End

On March 28, 2022, Barclays (BCS) for the first time disclosed to investors that:

  • had issued approximately $15.2 billion in unregistered securities in excess of the maximum amount of securities registered in an August 2019 shelf registration statement,

  • BBPLC would commence a rescission offer for those unregistered securities,

  • Barclays expected the rescission losses to be c.£450m (approximately $589.5 million).

On this news, the price of Barclays ADRs declined over 10% on March 28, 2022, seriously damaging investors.

Further, on July 28, 2022, the Company announced that:

  • BBPLC had also over-issued unregistered securities in excess of the maximum amount of securities registered in a second BBPLC shelf registration statement

  • Barclays had provisioned “£1,592m (approximately $1.940 billion) related to the overissuance of structured notes and £165m (approximately $201 million) related to liabilities that could be incurred arising out of ongoing discussions in respect of a potential SEC resolution.”

All things considered, investors have reason to suspect that the Company has violated their fundamental rights by failing to provide or withhold material information.

Case Status
Motion to dismiss
Alleged Offence
Misleading Statements, 
Fraud, 
Failure to Disclose, 
Malpractice, 
Negligence, 
Breach of Fiduciary duty, 
Omissions
Suspected Party
Directors, 
Management, 
Investment Bank, 
Service Provider
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Shock Event Date
03/28/2022
Filing date
03/27/2023
Judge
Hon. Lewis J. Liman