Press release from PR Newswire
Kinross Gold Shareholder Investigation -- The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty by the Officers and Directors of Kinross Gold Corporation
Friday, February 17, 2012
DALLAS, Feb. 17, 2012 /PRNewswire/ -- Former United States Securities and 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 the firms are investigating legal claims against the officers and Board of Directors of Kinross Gold Corporation ("Kinross Gold" or "KGC") (NYSE: KGC) related to potential securities violations between February 16, 2011 and January 17, 2012 (the "Class Period").
"Recent revelations about the company's alleged misrepresentations regarding its operations and the effect of deficiencies with production at Kinross Gold's Tasiast have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Kinross Gold's officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Kinross Gold stock for all shareholders, including seeking removal of certain officers and directors and monetary payments," said shareholder rights attorney Willie Briscoe.
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Kinross Gold and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the Class Period, defendants misrepresented or failed to disclose the following adverse facts: (a) that the drilling results at the Kinross Tasiast property had exhibited high amounts of low-grade ores and that because of this Kinross Gold would need to modify its mining processes to help minimize operating costs and maximize profitability; (b) that, as a result of the foregoing circumstances, applicable accounting standards required Kinross Gold to record an impairment in the value of goodwill that the company attributed to the Tasiast property; (c) that Kinross Gold's financial statements were not fairly presented in conformity with International Financial Reporting Standards and were materially false and misleading; and (d) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the company, its business prospects, and the Tasiast property during the Class Period.
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.
SOURCE Powers Taylor, LLP