Glencore faces lawsuits over U.S. subpoena, stock drop [Reuters (UK)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Reuters
Glencore faces lawsuits over U.S. subpoena, stock drop | Reuters 3 Min Read NEW YORK (Reuters) - Glencore Plc ( GLEN.L ) faces at least two lawsuits by U.S. shareholders accusing the big Anglo-Swiss mining company of having made false and misleading disclosures before it received a subpoena in a corruption probe, and its stock tumbled. The lawsuits were filed on Monday with the U.S. District Court in Newark, New Jersey, and on Wednesday after market hours with the U.S. District Court in Manhattan. They accused Glencore of concealing how its conduct would subject it to heightened regulatory scrutiny into its compliance with money laundering and bribery laws, including the U.S. Foreign Corrupt Practices Act. Glencore did not immediately respond after market hours on Wednesday to requests for comment. Chief Executive Ivan Glasenberg is a defendant in both lawsuits, and Chief Financial officer Steven Kalmin is a defendant in the New Jersey lawsuit. Glencore’s U.S.-listed shares fell 9 p
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