NEW YORK, April 24, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court for the District of Nevada on behalf of all persons who purchased or otherwise acquired the common stock of Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (NYSE:ANV) between January 18, 2013 and August 5, 2013 ("Class Period").
If you purchased Allied Nevada during the Class Period, you may, no later than June 2, 2014 request that the 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.
The Complaint alleges that defendants issued materially false and misleading statements during the Class Period concerning Allied Nevada's operations and financial prospects, including statements concerning a planned expansion of the Hycroft site, operational defects and deficiencies at the Lewis leach pad and additional costs associated with remediation of the Lewis site.
In August 2013, the Company disclosed that, as a result of systemic defects at the Lewis leach pad, soaring production costs at the Lewis site, and continuing weak cash flow from operations, the Company would indefinitely suspend construction of the mill at the Hycroft site. Following these disclosures, the price of Allied Nevada shares dropped from $5.90 per share on August 5, 2013, to a closing price of $3.73 per share on August 7, 2013, on heavy trading volume.
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