Pomerantz LLP announces that a class action lawsuit has been filed
against Freeport-McMoRan Inc. (“Freeport” or the “Company”)
(NYSE:FCX) and certain of its officers. The class action, filed in
United States District Court, District of Arizona, and docketed
under 16-cv-00186, is on behalf of a class consisting of all
persons or entities who purchased Freeport securities between
February 27, 2015 and January 15, 2016 inclusive (the “Class
Period”). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Freeport
securities during the Class Period, you have until March 28, 2016
to ask the Court to appoint you as Lead Plaintiff for the class. A
copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
Freeport, a natural resource company, engages in
the acquisition of mineral assets, oil, and natural gas
resources.
Freeport’s co-founder and former Chief Executive
Officer (“CEO”), James Moffett (“Moffett”), played a key role in
developing the Company’s Indonesian operations, and often led
negotiations for Freeport with Indonesian legislators and
officials, rather than leaving it to the head executive of Freeport
Indonesia.
In January 2015, Moffett, then the Company’s
Executive Chairman, appointed Maroef Sjamsuddin (“Sjamsuddin”), a
retired Air Vice Marshal of the Indonesian Air Force and deputy
chief of Indonesia’s National Intelligence Agency, to head Freeport
Indonesia, despite Sjamsuddin’s lack of experience in mining.
The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (i) Sjamsuddin had
discussed, with senior officials in the Indonesian government,
bribing Indonesian government officials in return for an extension
of Freeport’s right to operate in the country; (ii) that Freeport
had violated the Foreign Corrupt Practices Act (“FCPA”); and (iii)
as a result of the foregoing, Freeport’s public statements were
materially false and misleading at all relevant times.
On November 19, 2015, the Financial Times
reported the news, initially reported by the Jakarta Globe, that
Freeport Indonesia has pledged its full cooperation in an impending
inquiry by the Indonesian House of Representatives into allegations
that Speaker Setya Novanto’s (“Novanto”) solicited bribes from
Freeport. On this news, Freeport stock fell $0.36, or 4.1%,
to close at $8.41 on November 19, 2015.
On November 25, 2015, the Indonesian magazine
Tempo published an interview with Novanto concerning the probe into
Novanto’s dealings with Freeport Indonesia. Concerning his meetings
with Sjamsuddin, Novanto stated, in part, that he believed
Sjamsuddin had attempted to “blackmail” and “entrap” him. On this
news, Freeport stock fell $0.20, or 2.4%, to close at $8.10 on
November 25, 2015.
On November 26, 2015, the blog Indonesian
Development Monitoring reported that Indonesia’s State-Owned
Enterprise Workers Union intended to request that the U.S.
Department of Justice (“DOJ”) investigate Freeport for potential
violations of the FCPA, “by engaging in what we believe is likely
... bribery of high-level government official and Chief of House
Speaker in Indonesia to renew[ ] the Freeport mining contract.”
On December 3, 2015, testifying before an
Indonesian parliamentary committee regarding Novanto’s solicitation
of bribes from Freeport, Sjamsuddin stated that he had turned over
his recording of the conversation with Novanto to his superiors at
Freeport to “show my integrity and transparency” before the
recording was turned over to the Indonesian government. On this
news, Freeport stock fell $0.15, or 1.9%, to close at $7.68 on
December 3, 2015.
On December 28, 2015, Moffett resigned from his
position as Executive Chairman of Freeport. On this news, Freeport
stock fell $0.72, or 9.5%, to close at $6.85 on December 28,
2015.
On January 19, 2016, pre-market, Freeport
announced the resignation of Sjamsuddin, citing “personal
reasons.” On this news, Freeport stock fell $0.39, or 8.97%,
to close at $3.96 on January 19, 2016.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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