Hagens Berman Advises Freeport-McMoran Inc. (NYSE: FCX) Investors of March 28, 2016 Lead Plaintiff Deadline in a Newly Filed Class Action

SAN FRANCISCO, Feb. 01, 2016 -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, with offices in Phoenix, Arizona, announces the filing of a securities fraud class action lawsuit against Freeport-McMoran Inc. (NYSE:FCX) related to allegations of corruption in the Company’s Indonesian operations, and alerts investors there is a March 28, 2016 lead plaintiff deadline.  

If you suffered losses because of your purchases of Freeport-McMoran between February 27, 2015 and January 15, 2016, or have information that will help our continuing investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing [email protected] or visiting https://www.hbsslaw.com/cases/FCX.  The lawsuit was filed in the U.S. District Court for the Southern District of Arizona and investors have until March 21, 2016 to move the court to participate as a lead plaintiff.

Freeport-McMoran’s share price began a downward slide several months ago when, 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 stock fell $0.36, or 4.1%, to close at $8.41 on November 19, 2015.

On November 25, 2015, Freeport stock fell again after an Indonesian magazine published an interview revealing details about the alleged bribery, and the stock fell $0.20, or 2.4%, to close at $8. The next day, 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 investigate Freeport for potential violations of the FCPA. On this news, Freeport stock fell $0.15, or 1.9%, to close at $7.68 on December 3, 2015.

On December 28, 2015, the Executive Chairman of Freeport resigned and 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 Maroef Sjamsoeddin, the CEO of Freeport Indonesia, citing personal reasons. On this news, Freeport stock fell $0.39, or 8.97%, to close at $3.96 on January 19, 2016.

The complaint alleges that Freeport misled investors by failing to disclose their bribery of Indonesian officials and the fact that their executives were possibly violating the FCOA. As a result, their statements were false, misleading, and lacked a reasonable basis throughout the class period.

Whistleblowers: Persons with non-public information regarding Freeport-McMoran should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].

About Hagens Berman
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Contact:
Reed Kathrein, 510-725-3000