In re Barclays PLC Securities Litigation

Labaton Keller Sucharow LLP is Lead counsel in a securities class action lawsuit against Barclays PLC (Barclays) and certain of its executives.  A $19.5 million settlement was reached that resolves claims on behalf of all persons and entities who or which purchased or otherwise acquired American Depository Shares (ADSs) of Barclays during the period from February 18, 2021 through February 14, 2023, both dates inclusive (the Class Period) and were allegedly damaged thereby.

Barclays is a bank holding company, headquartered in London, United Kingdom. Through its subsidiaries, including Barclays Bank PLC, it provides various financial services, including investment banking, wealth management, and the offer and sale of securities. Barclays ADSs trade on the New York Stock Exchange under the ticker symbol “BCS.”  In the Action, Lead Plaintiff alleged that defendants made false and misleading statements and omissions during the Class Period regarding the strength and efficacy of Barclays’ internal controls over financial reporting following its loss of “well-known seasoned issuer” (WKSI) status in the United States, and becoming an “ineligible issuer.”

In March 2023, Lead Plaintiff filed the Amended Class Action Complaint for Violations of the Federal Securities Laws (the Complaint) asserting, among other things, claims against defendants under Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder.  The Complaint alleged that, during the Class Period the price of Barclays ADSs was artificially inflated as a result of defendants’ allegedly false and misleading statements and omissions and declined when the truth was allegedly revealed through a series of partial corrective disclosures.

In May 2023, defendants filed a motion to dismiss the Complaint, which Lead Plaintiff opposed. In February 2024, the Court entered its Opinion and Order granting in part and denying in part defendants’ motion to dismiss the Complaint. As a result of the Opinion and Order, claims against defendants Barclays Bank PLC and Nigel Higgins were dismissed, and two of the three alleged corrective disclosures were dismissed, which shortened the Class Period. (On September 26, 2024, defendant Anna Cross was voluntarily dismissed as a defendant given that she did not make any statements at issue with respect to the claims sustained in the Court’s February 23, 2024 Opinion and Order.) The case proceeded to discovery. Defendants filed a motion for reconsideration in March 2024 regarding the Court’s February 2024 Opinion and Order, which Lead Plaintiff opposed. (The motion was pending at the time the Settlement was reached.)

The Action is assigned to the Honorable Katherine Polk Failla, United States District Judge.  Labaton Keller Sucharow represents Boston Retirement System.  The Court in charge of the case is the United States District Court for the Southern District of New York.

Submit Claim Form

If you purchased or otherwise acquired ADSs of Barclays during the period from February 18, 2021 through February 14, 2023, both dates inclusive, and were damaged thereby, you may be entitled to a payment from a class action settlement.  To be eligible for a payment, you must submit a Claim Form to the Claims Administrator by March 13, 2025.

Settlement Hearing

A Settlement Hearing will be held on March 18, 2025 at 11:00 a.m., either remotely or in person, in Courtroom 618 of the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007.

If you have questions about the Settlement, please contact Labaton Keller Sucharow at settlementquestions@labaton.com; 1-888-219-6877; or contact the Claims Administrator, Verita Global, LLC, 1-866-724-6406. Additional information about the Settlement can also be found at www.BarclaysSecuritiesSettlement.com.