NEW YORK, June 10, 2013 /PRNewswire/ -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC announces that a class action suit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of Barrick Gold Corporation. ("Barrick" or the "Company") (NYSE: ABX-News) between May 7, 2009 and May 23, 2013, inclusive (the "Class Period").
The Complaint charges Barrick and certain of its officers and directors with violations of federal securities law. The complaint alleges that throughout the class period defendants failed to disclose the following: (i) the costs of bringing Pascua-Lama into production far exceeded any of Barrick's various publicly presented estimates; (ii) Pascua-Lama presented no reasonable expectation of coming into production within any of Barrick's various publicly presented time horizons; (iii) Pascua-Lama's environmental impact presented significantly greater risks to the Project and the Company than those disclosed by defendants; and (iv) as a result, defendants had no reasonable basis for their statements regarding the Project, or the reserves and earnings guidance for the Company.
On April 10, 2013, news outlets reported that the Appeals Court of Copiapo, Chile, had issued an order suspending work on Pascua-Lama. On this news, Barrick's stock price fell $2.23 per share, or 8.3 percent, to close at $24.46 per share. Then on May 24, 2013, Chile's Superintendencia del Medio Ambiente (Superintendency of the Environment) issued a resolution suspending the Project pending compliance with an environmental permit, and imposing a fine equivalent to $16 million. Trading in Barrick stock was halted for approximately three hours. After the Company's shares resumed trading, Barrick's share price dropped $0.39 or 1.9 percent to close at $19.16 per share
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. August 5, 2013 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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