Published On: September 14, 2023Categories: Press Release

Sbaiti & Company PLLC Lead Consolidated Class Action Lawsuit Against Barclays

Media Inquiries
Cheryl Smith | Chief Operating Officer | Sbaiti & Company
(214) 432-2899

For Immediate Release
September 14, 2023

Dallas attorneys Mazin Sbaiti and Jonathan Bridges of Sbaiti & Co. PLLC were appointed as lead plaintiffs counsel in a consolidated class action lawsuit against Barclays PLC.

The plaintiffs include Ruth C. May, Donna E. Ledgerwood, Justin Reed, Jeffrey Knapp, and Mark Howarth.

At the core of this claim is Barclays’ failure to adhere to the regulations imposed on the financial institution following a settlement agreement with the SEC in May 2017. The SEC requires robust internal controls from non-WKSI issuers to ensure all securities sold outside of the prior shelf registration volume are appropriately registered before sale to investors. Barclays filed securities shelf registrations for over $21.3 billion and $20.7 billion in 2018 and 2019, respectively, to be sold over the following three years.

Lacking effective internal controls, Barclays offered and sold approximately $16.37 billion of securities beyond the volume declared in its 2019 shelf registration statement filed with the SEC. This resulted in financial penalties as well as Barclays’s decision to extend rescission offers for the unregistered securities sold.

The plaintiffs contend that these offers excluded investors who purchased unregistered exchange-traded notes (“ETNs”). Members of the May Group attempted to participate in the rescission offer, submitting over one hundred separate claims before the offer deadline lapsed. All claims were denied by Barclays.

Plaintiffs are seeking rescission, disgorgement, and damages from Barclays for violations of Sections 5, 11, and 12 of the Securities Act of 1933, and for violating Rule 10b-5 of the Exchange Act.

The case is May v. Barclays PLC, case number 1:23-cv-02583, in the U.S. District Court for the Southern District of New York. The full complaint can be read here.

About Sbaiti & Company PLLC

Sbaiti & Company PLLC is a Dallas-based boutique law firm focused on plaintiff and defendant representation in complex litigation matters.  Our attorneys have deep experience in Business and Commercial Disputes, Investor and Securities Litigation, Shareholder and Derivative Litigation, Director and Officer Defense, Whistleblower and False Claims Act Litigation, Catastrophic Injury and Wrongful Death, Pharmaceutical and Medical Device Products Liability, Patent and Intellectual Property Litigation, Construction Litigation, Creditor’s Right and Post-Judgment Collections and Business Advisory as Outside General Counsel. For more information, please visit