Barrick Gold investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, SBarrick Gold Corp. is an international gold company that operates mines throughout the world. One of the Company’s gold mines is the Veladero mine, located in the San Juan Province of Argentina.
The shareholder class action complaint alleges that Barrick Gold and certain of its senior executive officers made a series of materially false and misleading statements to investors about the Veladero mine, as well as the Company’s outlook and expected financial performance, during the Class Period, including statements such as the following: “For 2017, we expect increased production of 770,000 ounces to 830,000 ounces at all-in sustaining cost of $840 per ounce to $940 per ounce” at the Veladero mine.
As further detailed in the complaint, during the Class Period, the monitoring system at the Veladero mine “detected a rupture of a pipe carrying gold-bearing solution on the leach pad.” Subsequently the Company disclosed that the Government of San Juan Province had placed restrictions on the Company’s operations at the mine, but assured investors that it did not “anticipate a material impact to Veladero’s 2017 production guidance” and reaffirmed its outlook for the mine.
Then, on April 24, 2017, Barrick Gold provided a “Veladero Update” to announce a downward revision of its production outlook for the mine. Specifically, the Company disclosed that it expected “full-year production at Veladero of 630,000-730,000 ounces of gold, at a cost of sales of $740-$790 per ounce, and all-in sustaining costs of $890-$990 per ounce.”
Following this news, shares of the Company’s stock fell $2.15 per share, or over 11%, to close on April 25, 2017 at $16.89 per share, on heavy trading volume.
If you are a member of the class described above, you may no later than July 10, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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