The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Barclays PLC (BCS, BCLYF) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Barclays PLC (“Barclays” or the “Company”) (NYSE: BCS) (OTC: BCLYF) securities between July 22, 2019 and October 12, 2023, inclusive (the “Class Period”). Barclays investors have until January 2, 2024 to file a lead plaintiff motion.

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On November 1, 2021, Barclays disclosed that its Group Chief Executive, James E. “Jes” Staley, would be departing the Company, stating that “the preliminary conclusions from the FCA and the PRA of their investigation into Mr[.] Staley's characterisation to Barclays of his relationship with the late Mr[.] Jeffrey Epstein and the subsequent description of that relationship in Barclays’ response to the FCA” and “Mr[.] Staley’s intention to contest” those conclusions led to the mutual decision of his departure. On this news, Barclays’ stock price fell $0.25, or 2.2%, to close at $10.93 per ADR on November 2, 2021.

Then, on November 12, 2021, the Financial Times reported that Staley had “exchanged 1,200 emails with Jeffrey Epstein over a four-year period” with “unexplained phrases”. On this news, Barclays’ stock price fell $0.05, or 0.5% to close at $10.62 on November 12, 2021.

Then, on March 8, 2023, JPMorgan Chase Bank filed a third-party complaint against Staley for indemnity, contribution, breach of fiduciary duty, and breach of the faithless servant doctrine, alleging that “Staley knew without any doubt that Epstein was trafficking and abusing girls” and that he “personally spent time with young girls whom he met through Epstein on several occasions”; “personally visited young girls at Epstein’s apartments located at 301 East 66th Street”; “personally observed Epstein around young girls”; and personally observed “Epstein sexually grab young women in front of him.” On this news, Barclays’ stock price fell $0.29, or 3.4%, to close at $7.77 on March 9, 2023.

Then, on October 12, 2023, the FCA announced that it had decided to fine Staley £1.8 million and “ban him from holding a senior management or significant influence function in the financial services industry” after finding that he “recklessly approved a letter sent by Barclays to the FCA, which contained two misleading statements, about the nature of his relationship with Jeffrey Epstein and the point of their last contact.” Specifically, “[t]he letter claimed that Mr[.] Staley did not have a close relationship with Mr[.] Epstein. In reality, in emails between the two Mr[.] Staley described Mr[.] Epstein as one of his 'deepest' and 'most cherished' friends.” On this news, Barclays’ stock price fell $0.39, or 5%, to close at $7.43 per ADR on October 12, 2023, thereby injuring investors further.