NEW YORK, Nov. 8, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Pretium Resources, Inc. ("Pretium" or the "Company") (NYSE:PVG) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 13-cv-7556, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Pretium between November 20, 2012 and October 21, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Pretium securities during the Class Period, you have until December 26, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Pretium is an exploration and development company that was formed for the acquisition, exploration and development of precious metal resource properties in the Americas.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, regarding the Company's mineral reserves and compliance with applicable reporting and feasibility study requirements. Specifically, Defendants: 1) vastly inflated the value of reserves contained in the Brucejack Project, especially the gold reserves in the VOK Zone; 2) failed to disclose that its sampling methods were not in conformance with industry standards; and 3) failed to disclose the Company was not in compliance with NI 43-101. As a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On October 9, 2013, the Company disclosed that Strathcona, its Independent Qualified Person hired by the Company to evaluate the mineral reserves in the Brucejack Project, had abruptly resigned from the engagement. On this news, Pretium shares declined $2.07 per share or over 30%, to close at $4.70 per share on October 9, 2013.
Then, on October 22, 2013, the Company provided further information regarding Strathcona's sudden resignation, reporting that it had resigned after a dispute with the company over sampling methods, particularly after advising 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 Valley of the Kings zone] over a 22-year mine life are erroneous and misleading." On this news, Pretium shares declined $1.27 per share or over 27%, to close at $3.36 per share on October 22, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP email@example.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP