Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/bcs) announces it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons who purchased the sponsored American Depository Receipts (“ADRs”) of Barclays PLC (“Barclays” or the “Company”) (NYSE:BCS) between July 10, 2007 and June 27, 2012, inclusive (the “Class Period”).
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/bcs.
During the Class Period, Barclays issued materially false and misleading statements and omitted to state material facts that rendered their affirmative statements misleading as they related to the Company’s financial performance, financial condition and internal operational controls. As a result of these materially false and misleading statements, the price of the Company’s securities was artificially inflated during the Class Period. As the truth of the Company’s materially false and misleading statements entered the market, the Company’s stock plummeted.
The London Inter-Bank Offered Rate (“Libor”) is a tool to measure risk within the banking system as a whole and it may be more surgically applied to test a particular bank’s creditworthiness. When a bank lends to a customer (in this case another bank), it fixes the interest rate and other terms premised on an assessment of the borrower’s ability to repay the loan. The greater the risk, the higher the rate the bank will charge to assume the risk. The opposite is true: the lower the credit risk, the lower the rate the bank will charge to take on the risk.The Complaint alleges that Defendants did not act fairly, transparently, and try in good faith to fix Libor rates at levels that accurately reflected the inherent and actual risk in the market place. Defendants, instead, admittedly participated in an illegal scheme to manipulate the Libor interest rates for the benefit of Barclays’ traders and to make Barclays appear financially healthier than it was during the Class Period.
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