SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

February 01, 2016 13:23 ET

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Freeport-McMoRan Inc. to Contact the Firm Before Lead Plaintiff Deadline

NEW YORK, NY--(Marketwired - February 01, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Freeport-McMoRan Inc. ("Freeport" or the "Company") (NYSE: FCX) of the March 28, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the District of Arizona on behalf of all those who purchased Freeport securities between February 27, 2015 and January 15, 2016 (the "Class Period"). The case, Magro v. Freeport-McMoran Incorporated et al, No. 2:16-cv-00186 was filed on January 26, 2016, and has been assigned to Judge Eileen Willett.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the Company's possible violations of the Foreign Corrupt Practices Act ("FCPA") through the bribery of Indonesian officials.

Specifically, on November 19, 2015, the Financial Times reported that Freeport Indonesia pledged it would cooperate in an inquiry by the Indonesian House of Representatives of allegations that Indonesian government officials accepted bribes from Freeport. On this news, Freeport share price fell $0.36, or 4.1%, to close at $8.41 on November 19, 2015.

On November 25, 2015, the share price fell $0.20, or 2.4%, to close at $8.10 after an Indonesian magazine published an interview revealing details about alleged briberies. It was then announced the next day that that Indonesia's State-Owned Enterprise Workers Union intended to request that the U.S. Department of Justice investigate Freeport for potential violations of the FCPA. After the announcement, Freeport's share price fell $0.15, or 1.9%, to close at $7.68 on December 3, 2015.

Then, On December 28, 2015, the Executive Chairman of Freeport suddenly resigned and the stock fell $0.72, or 9.5%, to close at $6.85 on December 28, 2015.

Finally, during the pre-market hours of January 19, 2016, Freeport announced the sudden resignation of Maroef Sjamsoeddin, the CEO of Freeport Indonesia, citing personal reasons. Freeport's share price subsequently fell $0.39, or 8.97%, to close at $3.96 on January 19, 2016.

Request more information now by clicking here: www.faruqilaw.com/FCX. There is no cost or obligation to you.

Take Action

If you invested in Freeport securities February 27, 2015 and January 15, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/FCX. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Freeport's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    685 Third Avenue, 26th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    Email contact
    Telephone: (877) 247-4292 or (212) 983-9330