Law
Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the District of
Nevada on behalf of all purchasers of the common stock of Allied Nevada
Gold Corp. (“Allied Nevada” or the “Company”) (NYSE MKT: ANV) between
January 18, 2013 and August 5, 2013, inclusive (the “Class Period”).
Allied Nevada is a gold producer engaged in the mining, development and
exploration of properties in Nevada. The Company operates the Hycroft
Mine – an open pit, heap leaching operation situated to the west of
Winnemucca, Nevada. The Complaint alleges that defendants issued
materially false and misleading statements during the Class Period
concerning Allied Nevada’s operations and financial prospects, including
statements concerning a planned expansion of the Hycroft site,
operational defects and deficiencies at the Lewis leach pad and
additional costs associated with remediation of the Lewis site.
In August 2013, the Company disclosed that, as a result of systemic
defects at the Lewis leach pad, soaring production costs at the Lewis
site, and continuing weak cash flow from operations, the Company would
indefinitely suspend construction of the mill at the Hycroft site. As a
result of these disclosures, the price of Allied Nevada shares dropped
from $5.90 per share on August 5, 2013, to a closing price of $3.73 per
share on August 7, 2013, on heavy trading volume.
If you purchased Allied Nevada shares during the Class Period, you have
until June 2, 2014, to move the Court to serve as lead plaintiff, if you
meet certain legal requirements. To be a member of the Class, you need
not take any action at this time; you may retain counsel of your choice
or take no action and remain an absent member of the Class. If you wish
to learn more about this action, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll
Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Copyright Business Wire 2014