Barclays PLC (2023)
A securities class action has been filed in the USDC – C.D.CA. against Barclays PLC (BCS) (“Barclays” or the “Company”), on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Barclays securities between July 22, 2019 through October 12, 2023, both dates inclusive (the “Class Period”).
Defendant Barclays is a British universal bank incorporated in England. Defendant James E. “Jes” Staley (“Staley”) served as the Company’s Group Chief Executive (“CEO”) from December 1, 2015 to October 31, 2021. Prior to joining Barclays, Defendant Staley was a J.P. Morgan employee. In 1999, he became head J.P. Morgan’s Private Banking division, during which time he met Jeffrey Epstein. In 2001, he was promoted to CEO of JP Morgan Asset Management and ran that division until 2009. In 2013, he left J.P. Morgan, and, on October 28, 2015, it was announced that he would become the CEO of Barclays effective December 1, 2015.
The Complaint alleges that, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that:
(1) Contrary to his false public assertions, Jes Staley had a very close relationship with Jeffrey Epstein;
(2) Staley was reportedly aware of Jeffrey Epstein’s criminal activities and may have even sexually assaulted a victim who had previously been trafficked by Jeffrey Epstein;
(3) Staley’s close, personal relationship with Jeffrey Epstein, and potential criminal activity, if discovered, could bring reputational, legal, and financial harm to Barclays;
(4) as a result, Barclays response to the FCA’s inquiry regarding Staley’s relationship with Epstein was materially false;
(5) Barclays, having become aware of information contradicting its response to the FCA’s inquiry, then failed to update the response so that it would be accurate, or otherwise take any meaningful action; and
(6) that as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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