SAN DIEGO & WESTONARIA, South Africa--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Sibanye Gold Limited (NYSE: SBGL) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between April 7, 2017 and June 26, 2018. Sibanye operates as a precious metals mining company in South Africa, Zimbabwe, and the United States.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/sibanye-gold-limited
Sibanye Accused of Forcing Its Miners to Work in Perilous Conditions
According to the complaint, almost half of South Africa's 2018 mining fatalities occurred in Sibanye mines—a poor reflection on Sibanye's culture, which places short-term profits over safety. The truth about Sibanye's hazardous practices came to light on June 13, 2018, when an article claimed that Sibanye's supervisors forced and intimidated miners to work in dangerous conditions. The article noted that several of Sibanye's gold miners were forced to work in an abandoned underground shaft where they choked to death from gas and poor ventilation, while others were killed in a seismic event the month prior. On June 27, 2018, Bloomberg reported that Citigroup Inc. expressed concerns that Sibanye has taken "unsustainable short-term measures" to boost earnings, including cutting capital spending, reducing management oversight, and mining high-grade pillars that were previously "too dangerous" to exploit. Since news of the deaths at Sibanye became widely known, Sibanye's stock fell over 14% to close at $2.25 per share on June 27, 2018.
Sibanye Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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