Press release from Business Wire
Cohen Milstein Sellers & Toll PLLC Announces Investigation of Nevsun Resources Ltd.
Wednesday, March 28, 2012
Cohen Milstein Sellers & Toll PLLC Announces Investigation of Nevsun Resources Ltd.10:42 EDT Wednesday, March 28, 2012 WASHINGTON (Business Wire) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Nevsun Resources Ltd. (“Nevsun” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. A class action lawsuit has been filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the common stock of Nevsun Resources Ltd. (AMEX: NSU) between March 31, 2011 and February 6, 2012, inclusive (the “Class Period”). The complaint alleges that Nevsun and certain of its officers and/or directors (“Defendants”) misrepresented and/or failed to disclose that: (1) Nevsun materially overstated its gold reserves at the Bisha mine; (2) Nevsun's mining at its Bisha Mine resulted in a material amount of waste rock rather than gold ore; (3) Defendants knew or had reason to know that the gold ore and gold from the Bisha Mine was materially less than the amount estimated by the Company's published model; and (4) Nevsun was progressing through the ore body much more quickly than planned in order to maintain gold production at a rate that would conceal the fact that the amount of gold at the Bisha Mine was materially less than the Company's model. On January 10, 2012, Nevsun issued a press release announcing fourth quarter operating highlights. The press release included the following statement: “Bisha Mine continued to operate in excess of plan for gold recovery and maintained planned milling and gold production rates in Q4.” Yet less than one month later, on February 7, Nevsun cut its 2012 production estimates approximately in half, telling investors that the “resource estimate used for mine planning over-estimated gold in portions of the Bisha Main oxide mineralization.” The price of Nevsun shares fell from $6.34 to $4.40 on February 7, 2012. Cohen Milstein encourages all investors who purchased Nevsun common stock between March 31, 2011 and February 6, 2012 or former employees with information concerning this matter to contact the firm. If you are a Nevsun shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you purchased the common stock of Nevsun and wish to serve as lead plaintiff, you must move the Court no later than May 14, 2012 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member. Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, and West Palm Beach, and is active in major litigation pending in federal and state courts throughout the nation. The firm's reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com. If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: Steven J. Toll, Esq.Tyler GaffneyCohen Milstein Sellers & Toll PLLC1100 New York Avenue, N.W.West Tower, Suite 500Washington, D.C. 20005Telephone: (888) 240-0775 or (202) 408-4600Email: email@example.com; firstname.lastname@example.org Attorney Advertising Cohen Milstein Sellers & Toll PLLCSteven J. Toll, Esq.888-240-0775 or email@example.comTyler Gaffney888-240-0775 or firstname.lastname@example.org