Cases
Barrick Gold Corporation (NYSE: ABX)
Securities Class Action
Overview
Overview
- Date:
- 5/16/2017
- Company Name:
- Barrick Gold Corporation
- Stock Symbol:
- ABX
- Class Period:
- FROM 2/16/2017 TO 4/24/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, May 16, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who acquired Barrick Gold Corporation (NYSE: ABX) securities between February 16, 2017 and April 24, 2017 (the “Class Period”).
On April 24, 2017, the Company revised its full year guidance, stating that “[f]ull-year gold production is now expected to be 5.3-5.6 million ounces, down from our previous range of 5.6-5.9 million ounces.” Barrick also revised Veladero-specific guidance, projecting full-year production at Veladero of 630,000-730,000 ounces, compared to the Company’s previously-issued guidance of 770,000-830,000 ounces. The slowdown in Veladero production stems in part from a work stoppage at the mine caused by alleged environmental pollution. On this news, the Company’s share price fell $2.15, or 11.3%, to close at $16.89 per share on April 25, 2017, thereby injuring investors.
The Complaint filed in this action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the pipes and safety systems at the Veladero mine were not robust enough to prevent gold-bearing solution spills; (2) that, as a result, Argentinian authorities would restrict the addition of cyanide to the Veladero mine’s heap leach facility and require remedial work; (3) that these developments would impact (and were impacting) the production capacity of the Veladero mine; (4) that as such, the Company’s Veladero mine production guidance and total gold production guidance were overstated; and (5) that, as a result of the foregoing, Defendants’ statements about Barrick’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Barrick Gold securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On April 24, 2017, the Company revised its full year guidance, stating that “[f]ull-year gold production is now expected to be 5.3-5.6 million ounces, down from our previous range of 5.6-5.9 million ounces.” Barrick also revised Veladero-specific guidance, projecting full-year production at Veladero of 630,000-730,000 ounces, compared to the Company’s previously-issued guidance of 770,000-830,000 ounces. The slowdown in Veladero production stems in part from a work stoppage at the mine caused by alleged environmental pollution. On this news, the Company’s share price fell $2.15, or 11.3%, to close at $16.89 per share on April 25, 2017, thereby injuring investors.
The Complaint filed in this action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the pipes and safety systems at the Veladero mine were not robust enough to prevent gold-bearing solution spills; (2) that, as a result, Argentinian authorities would restrict the addition of cyanide to the Veladero mine’s heap leach facility and require remedial work; (3) that these developments would impact (and were impacting) the production capacity of the Veladero mine; (4) that as such, the Company’s Veladero mine production guidance and total gold production guidance were overstated; and (5) that, as a result of the foregoing, Defendants’ statements about Barrick’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Barrick Gold securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.