RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (“Barrick Gold” or the “Company”) on behalf of purchasers of the Company’s securities between February 16, 2017 and April 24, 2017, inclusive (the “Class Period”).
Barrick Gold shareholders who purchased securities during the Class Period may, no later than July 10, 2017, seek to be appointed as a lead plaintiff representative of the class.
Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys D. Seamus Kaskela or Adrienne O. Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/barrick-gold-corporation-2017#join.
Barrick Gold is an international gold company that operates mines throughout the world. One of the Company’s gold mines is the Veladero mine, located in the San Juan Province of Argentina.
The shareholder class action complaint alleges that Barrick Gold and certain of its senior executive officers made a series of materially false and misleading statements to investors about the Veladero mine and the Company’s outlook and expected financial performance during the Class Period, including statements such as the following: “For 2017, we expect increased production of 770,000 ounces to 830,000 ounces at all-in sustaining cost of $840 per ounce to $940 per ounce” at the Veladero mine.
As further detailed in the complaint, during the Class Period the monitoring system at the Veladero mine “detected a rupture of a pipe carrying gold-bearing solution on the leach pad.” Subsequently the Company disclosed that the Government of San Juan Province had placed restrictions on the Company’s operations at the mine, but also assured investors that it did not “anticipate a material impact to Veladero’s 2017 production guidance” and reaffirmed its outlook for the mine.
Then, on April 24, 2017, Barrick Gold provided a “Veladero Update” to announce a downward revision of its production outlook for the mine. Specifically, the Company disclosed that it only expected “full-year production at Veladero of 630,000-730,000 ounces of gold, at a cost of sales of $740-$790 per ounce, and all-in sustaining costs of $890-$990 per ounce.”
Following this news, shares of the Company’s stock fell $2.15 per share, or over 11%, to close on April 25, 2017 at $16.89 per share, on heavy trading volume.
Barrick Gold shareholders may, no later than July 10, 2017, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/barrick-gold-corporation-2017#join.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.