NEW YORK, Oct. 31, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that class actions have been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Pretium Resources Inc. ("Pretium") (NYSE:PVG) (TSX:PVG) securities during the period between January 19, 2011 and October 21, 2013, inclusive. (the "Class Period"). A class action has also been filed in the Ontario Superior Court of Justice, Canada, covering a portion of the same class period.
If you purchased Pretium during the Class Period, you may, no later than December 24, 2013, request that the U.S. Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you purchased Pretium and want more information about the U.S. or Canadian Pretium Class Action, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
The Complaints allege that Defendants made materially false and/or misleading statements, regarding the Company's mineral resources, probable reserves and the life of mine. Specifically, Defendants did not properly measure resources or probable reserves contained within the ore located at the Valley of Kings ("VOK") mining zone at the Brucejack Project and failed to disclose that its sampling methods were not in conformance with industry standards.
On October 22, 2013, the Company announced that one of its mining auditors, Strathcona, suddenly resigned after it advised the Company that, "there are no valid gold mineral resources for the VOK Zone, and without mineral resources there can be no mineral reserves, and without mineral reserves there can be no basis for a Feasibility Study." Strathcona further concluded that "statements included in all recent press releases [by Pretium] about probable mineral reserves and future gold production [from the VOK zone] over a 22-year mine life are erroneous and misleading." Following this news, Pretium shares declined $1.27 per share or over 27%, to close at $3.36 per share on October 22, 2013.
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