Press release from Business Wire
Glancy Binkow & Goldberg LLP Files Securities Class Action Lawsuit Against Barrick Gold Corporation
Thursday, June 06, 2013
Glancy Binkow & Goldberg LLP Files Securities Class Action Lawsuit Against Barrick Gold Corporation21:32 EDT Thursday, June 06, 2013
LOS ANGELES (Business Wire) -- Notice is hereby given that Glancy Binkow & Goldberg LLP, representing investors of Barrick Gold Corporation (“Barrick” or the “Company”) (NYSE:ABX), filed a class action lawsuit on June 5, 2013 in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of Barrick common stock between May 7, 2009 and May 23, 2013, inclusive (the “Class Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
The Complaint charges Barrick and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (15 U.S.C. §§ 78j(b) and 78t(a)) and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission (17 C.P.R. § 240.10b-5). The Complaint alleges that, throughout the Class Period, the defendants made false and misleading statements and concealed material information relating to the cost and time-to-production projections for the Company's Pascua-Lama Project (“Pascua-Lama” or the “Project”), a property under development as an open-pit gold and silver mine that straddles the mountainous border between Argentina and Chile.
Barrick, based in Toronto, Ontario, is one of the world's largest gold mining companies in terms of production, reserves and market value. The Complaint alleges that during the Class Period, Barrick concealed from shareholders that: (1) the costs of bringing Pascua-Lama into production far exceeded any of Barrick's various publicly presented estimates; (2) Pascua-Lama presented no reasonable expectation of coming into production within any of Barrick's various publicly presented time horizons; (3) Pascua-Lama's environmental impact presented significantly greater risks to the Project and the Company than those disclosed by defendants; and (4) as a result, defendants had no reasonable basis for their statements regarding the cost, timing, and production estimates for the Project, or the reserves and earnings guidance for the Company.
The true state of the Pascua-Lama Project was revealed in part on April 10, 2013, when news outlets reported that the Appeals Court of Copiapó, Chile, had issued an order suspending work on Pascua-Lama. In reaction to this news, Barrick's stock price fell $2.23 per share, or 8.3 percent, to close at $24.46 per share on trading volume of more than 40 million shares.
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 -- the maximum penalty possible under Chilean law. In response to this development, trading in Barrick stock was halted for approximately three hours. After the Company's shares resumed trading, Barrick's share price closed at $19.16 per share, $0.39 per share, or 1.9 percent, below the prior day's close.
If you are a member of the Class described above, you may move the Court, no later than 60 days from the date of this Notice, to serve as lead plaintiff; however, you must meet certain legal requirements. A lead plaintiff is a court-appointed representative for absent Class members. You do not need to seek appointment as lead plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action or take no action and remain an absent Class member.
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, Toll Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Glancy Binkow & Goldberg LLP, Los Angeles, CA
Glancy Binkow & Goldberg LLP, New York, NY
(212) 682-5340 or (888) 773-9224