Cases
Katanga Mining Limited (OTC BB: KATFF)
Securities Class Action
Overview
Overview
- Date:
- 12/4/2017
- Company Name:
- Katanga Mining Limited
- Stock Symbol:
- KATFF
- Class Period:
- FROM 2/11/2016 TO 11/19/2017
- Status:
- Closed/Complete
- Court:
- U.S. Bankruptcy Court: District of New Jersey
NEW YORK, December 4, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Katanga Mining Limited (OTC BB: KATFF) securities between February 11, 2016 and November 19, 2017 (the “Class Period”). Investors have until January 29, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Katanga engaged in improper accounting practices; (2) there were material weaknesses in the Company’s internal controls over financial reporting; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 20, 2017, the Company issued a press release revealing the completion of the restatement of certain of its financial statements. Specifically, the Company disclosed that certain “material weaknesses” had been demonstrated in its internal control over financial reporting.
Following the announcement, Katanga’s share price fell from $0.98 per share on November 17, 2017 to a closing price of $0.75 on November 22, 2017—a $0.23 or a 23.47% drop over three trading days.
If you purchased or otherwise acquired Katanga securities during the Class Period 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.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Katanga engaged in improper accounting practices; (2) there were material weaknesses in the Company’s internal controls over financial reporting; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 20, 2017, the Company issued a press release revealing the completion of the restatement of certain of its financial statements. Specifically, the Company disclosed that certain “material weaknesses” had been demonstrated in its internal control over financial reporting.
Following the announcement, Katanga’s share price fell from $0.98 per share on November 17, 2017 to a closing price of $0.75 on November 22, 2017—a $0.23 or a 23.47% drop over three trading days.
If you purchased or otherwise acquired Katanga securities during the Class Period 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.