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Newman Ferrara LLP Announces Securities Class Action Against Pretium Resources Inc. and Advises of Lead Plaintiff Deadline


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 securities laws.

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 the Americas.

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 Plaintiff process.

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

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