FREEPORT-MCMORAN INC. Shareholder Alert: Former SEC Attorney Willie Briscoe & Powers Taylor Investigate Possible Breaches of ...

Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court, District of Arizona against Freeport-McMoRan Inc. (“Freeport”) (NYSE: FCX) and several officers and directors for acts taken during the period of February 27, 2015 to January 15, 2016 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Freeport. If you are an affected Freeport shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at [e-mail], Patrick Powers at Powers Taylor LLP via email at [e-mail], or call toll free at [phone]. There is no cost or fee to you.

According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that, defendants made false and/or misleading statements and/or failed to disclose that: (i) Maroef Sjamsuddin had discussed, with senior officials in the Indonesian government, bribing Indonesian government officials in return for an extension of Freeport’s right to operate in the country; (ii) that Freeport had violated the Foreign Corrupt Practices Act; and (iii) as a result of the foregoing, its public statements were materially false and misleading at all relevant times. Freeport stock dropped significantly following a series of announcements related to the alleged bribes in Indonesia.

On November 19, 2015, the Financial Times reported that Freeport Indonesia has pledged its full cooperation in an impending inquiry by the Indonesian House of Representatives into allegations that Speaker Setya Novanto solicited bribes from Freeport. On November 25, 2015, the Indonesian magazine Tempo published an interview with Novanto concerning the probe into his dealings with Freeport Indonesia. Novanto stated that he believed Sjamsuddin had attempted to blackmail and entrap him. On November 26, 2015, the Indonesian Development Monitoring blog 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, specifically, what they believed to be bribery of high-level government official and Chief of House Speaker in Indonesia to renew the Freeport mining contract. On December 3, 2015, Sjamsuddin testified before an Indonesian parliamentary committee regarding Novanto’s solicitation of bribes from Freeport, stating that he had turned over his recording of the conversation with Novanto to his superiors at Freeport to show his integrity and transparency before the recording was turned over to the Indonesian government. On December 28, 2015, James Moffett, Freeport’s co-founder and former Chief Executive Officer who appointed Sjamsuddin to head Freeport Indonesia in January 2015, resigned from his position as Executive Chairman of Freeport. On January 19, 2016, Freeport announced the resignation of Sjamsuddin, citing “personal reasons.”

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160128006453/en/

The Briscoe Law Firm, PLLCWillie Briscoe, [e-mail] Taylor LLPPatrick Powers, [e-mail]