Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Nevsun Resources Ltd.
Wednesday, March 28, 2012
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Nevsun Resources Ltd.19:41 EDT Wednesday, March 28, 2012 LOS ANGELES (Business Wire) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased the common stock of Nevsun Resources Ltd. (“Nevsun” or the “Company”) (AMEX:NSU) between March 31, 2011 and February 6, 2012, inclusive (the “Class Period”). A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. Nevsun engages in the acquisition, exploration, development and production of mineral properties, including the Bisha Project, a gold, copper, silver and zinc mine in Eritrea, Africa. The Complaint alleges that defendants issued materially false and misleading statements and/or failed to disclose that: (i) Nevsun's mining activities at the Bisha mine produced a material amount of waste rock, rather than gold ore; (ii) defendants knew or had reason to know that the amounts of gold and gold ore recovered from the Bisha mine were materially less than the Company's reserve estimate; (iii) the Company was aware that its resource model was materially defective because the actual amounts of gold mined at Bisha did not reconcile with the Company's previously disseminated reserve estimate; and (iv), Nevsun materially overstated its gold reserves at the Bisha mine. On February 7, 2012, Nevsun shocked investors when the Company issued a press release which disclosed that the Company had materially overstated gold reserves at the Bisha mine, slashed the Company's 2012 gold production forecast for the mine, and announced a downward revision of the mine's expected reserves. As a result, Nevsun common stock plummeted nearly 31%, or $1.94 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud. If you are a member of the class described above, you may move the Court, no later than May 14, 2012, to serve as lead plaintiff; however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael Goldberg310-201-9150 or firstname.lastname@example.org