Newman Ferrara LLP announces that a class action lawsuit has been filed
in the Unites States District Court, Southern District of New York
against Pretium Resources Inc. (NYSE:PVG) (“Pretium” or the “Company”)
and certain officers and directors, alleging violations of federal
Investors who purchased Pretium securities between Jan. 9, 2012 and Oct.
21, 2013 (the “Class Period”) may apply with the Court to be appointed
Lead Plaintiff no later than December 24, 2013. The Lead Plaintiff will
direct the litigation on behalf of the other class members.
Pretium is a Canadian mining company that engages in the acquisition,
exploration, and development of precious metal resource properties in
It is alleged that during the Class Period, defendants issued materially
false and misleading statements regarding gold reserves in the Valley of
Kings (“VOK”) mining zone at the Brucejack Project in British Columbia,
Canada. Specifically, that Defendants did not properly measure resources
or probable reserves contained within the ore located at the VOK and
failed to disclose that its sampling methods were not in conformance
with industry standards. Defendants also sold more than $580 million in
stock through a series of public and private offerings in both Canada
and the U.S, during a time when share prices were artificially inflated
due to false statements to investors.
On October 9, 2013, Pretium announced that Strathcona Mineral Services
Ltd., a firm hired by Pretium in to assess its gold reserves in the
Valley of the Kings Sample Program, resigned from the project. Then, on
Oct. 22, 2013, Pretium admitted in a press release that Strathcona had
advised the Company that it had issued erroneous and misleading
statements about probable mineral reserves and future gold production
over a 22-year mine life. Strathcona further advised Pretium that it had
previously asserted similar views critiquing the Snowden resource model
for the VOK, accompanied with “recommendations” for public disclosure of
the preliminary bulk sample data supporting their conclusions. Following
this news, Pretium shares declined $1.27 per share or over 27%, to close
at $3.36 per share on October 22, 2013.
Investors who purchased shares of Pretium during the Class Period may
contact Newman Ferrara partner Jeffrey M. Norton ([email protected])
by email or call (212) 619-5400 to discuss this lawsuit or the Lead
Whistleblowers: Persons with knowledge that may aid in the
investigation of this matter are encouraged to contact the firm. Under
the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected
from employer retaliation and may be entitled to as much as 30 percent
of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation, securities fraud and shareholder litigation, consumer
protection, civil rights, and real estate. For more information, please
visit the firm website at www.nfllp.com.
Copyright Business Wire 2013