Barclays plc
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Barclays plc (“Barclays” or the “Company”) (NYSE: BCS) securities during the period from July 22, 2019 through October 12, 2023, inclusive (the “Class Period”). Investors have until January 2, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 1, 2021, Barclays filed a current report on Form 6-K with the U.S. Securities and Exchange Commission, announcing the departure of Chief Executive Office Jes Staley from Barclays. Barclays disclosed that Jes Staley agreed to step down in light of preliminary conclusions from the U.K. Financial Conduct Authority (“FCA”) and the U.K. Prudential Regulation Authority that Jes Staley may have mischaracterized his relationship with Jeffrey Epstein to regulators over the course of their investigations. On this news, the price of Barclays shares declined by $0.25, or approximately 2.24%, from $11.18 per share to close at $10.93 on November 2, 2021.
On November 12, 2021, the Financial Times published an article discussing heavy email traffic and unexplained exchanges between Jes Staley and Jeffrey Epstein over a four-year period, which seemingly contradicts Staley’s prior statements regarding his professional relationship with Epstein. On this news, the price of Barclays shares declined by $0.05, or approximately 0.469%, from $10.67 per share to close at $10.62 on November 12, 2021.
On March 8, 2023, JPMorgan Chase Bank filed a third-party complaint in a pending lawsuit against Jes Staley. The anonymous plaintiff in the litigation had previously alleged Jes Staley observed and participated in Epstein’s sex trafficking scheme and abuse of victims throughout and including his departure from JPMorgan in 2013. In its third-party complaint, JPMorgan confirmed its suspicion of Jes Staley’s involvement with Epstein’s illegal activities. On this news, the price of Barclays shares declined by $0.29, or approximately 3.6%, from $8.06 per share to close at $7.77 on March 9, 2023. The price of Barclays shares then declined by an additional $0.24, or approximately 3.09%, from $7.77 per share to close at $7.53 on March 10, 2023.
On October 12, 2023, the FCA announced a £1.8 million fine of Jes Staley and permanent ban from management positions in the financial services industry. On this news, the price of Barclays shares declined by $0.39, or approximately 4.99%, from $7.82 per share to close at $7.43 on October 12, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) contrary to his public assertions, Jes Staley had a close relationship with Jeffrey Epstein; (ii) Staley was reportedly aware of Jeffrey Epstein’s criminal activities and may have even sexually assaulted a victim who had previously been trafficked by Jeffrey Epstein; (iii) Staley’s personal relationship with Jeffrey Epstein and potential criminal activity, if discovered, could bring reputational, legal, and financial harm to Barclays; (iv) as a result, Barclays response to the FCA’s inquiry regarding Staley’s relationship with Jeffrey Epstein was materially false; and (v) Barclays, having become aware of information contradicting its response to the FCA’s inquiry, then failed to update the response so that it would be accurate, or otherwise take any meaningful action.
On November 1, 2021, Barclays filed a current report on Form 6-K with the U.S. Securities and Exchange Commission, announcing the departure of Chief Executive Office Jes Staley from Barclays. Barclays disclosed that Jes Staley agreed to step down in light of preliminary conclusions from the U.K. Financial Conduct Authority (“FCA”) and the U.K. Prudential Regulation Authority that Jes Staley may have mischaracterized his relationship with Jeffrey Epstein to regulators over the course of their investigations. On this news, the price of Barclays shares declined by $0.25, or approximately 2.24%, from $11.18 per share to close at $10.93 on November 2, 2021.
On November 12, 2021, the Financial Times published an article discussing heavy email traffic and unexplained exchanges between Jes Staley and Jeffrey Epstein over a four-year period, which seemingly contradicts Staley’s prior statements regarding his professional relationship with Epstein. On this news, the price of Barclays shares declined by $0.05, or approximately 0.469%, from $10.67 per share to close at $10.62 on November 12, 2021.
On March 8, 2023, JPMorgan Chase Bank filed a third-party complaint in a pending lawsuit against Jes Staley. The anonymous plaintiff in the litigation had previously alleged Jes Staley observed and participated in Epstein’s sex trafficking scheme and abuse of victims throughout and including his departure from JPMorgan in 2013. In its third-party complaint, JPMorgan confirmed its suspicion of Jes Staley’s involvement with Epstein’s illegal activities. On this news, the price of Barclays shares declined by $0.29, or approximately 3.6%, from $8.06 per share to close at $7.77 on March 9, 2023. The price of Barclays shares then declined by an additional $0.24, or approximately 3.09%, from $7.77 per share to close at $7.53 on March 10, 2023.
On October 12, 2023, the FCA announced a £1.8 million fine of Jes Staley and permanent ban from management positions in the financial services industry. On this news, the price of Barclays shares declined by $0.39, or approximately 4.99%, from $7.82 per share to close at $7.43 on October 12, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) contrary to his public assertions, Jes Staley had a close relationship with Jeffrey Epstein; (ii) Staley was reportedly aware of Jeffrey Epstein’s criminal activities and may have even sexually assaulted a victim who had previously been trafficked by Jeffrey Epstein; (iii) Staley’s personal relationship with Jeffrey Epstein and potential criminal activity, if discovered, could bring reputational, legal, and financial harm to Barclays; (iv) as a result, Barclays response to the FCA’s inquiry regarding Staley’s relationship with Jeffrey Epstein was materially false; and (v) Barclays, having become aware of information contradicting its response to the FCA’s inquiry, then failed to update the response so that it would be accurate, or otherwise take any meaningful action.