|Company name||NovaGold Resources, Inc.|
NEW YORK, July 10, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against NovaGold Resources, Inc. . (NYSE: NG) on behalf of NovaGold stockholders. Our investigation concerns whether NovaGold has violated the federal securities laws and/or engaged in other unlawful business practices.
On May 28, 2020, J. Capital Research (“J. Capital”) published a report alleging that “NovaGold’s management team has systematically misled investors” about the Company’s Donlin gold-mining project, “a deposit so remote and technologically challenging that the mine will never be built.” J. Capital criticized NovaGold for using “custom metrics designed to deceive,” which included, among other representations, that “the deposit will require $6.7 billion in capital, [when] the feasibility study clearly shows this number is $8 billion.” J. Capital also contended that “[t]he proposed natural gas pipeline central to powering the project is dead on arrival,” quoting an engineer who worked on costing the pipeline as stating that he “doesn’t know of any engineering company that has the experience to build such a complex pipeline.”
On this news, NovaGold’s stock price fell $0.94 per share, or 8.83%, to close at $9.71 per share on May 28, 2020.
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