NEW YORK, July 26, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Barrick Gold Corporation ("Barrick" or the "Company") (NYSE:ABX) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 13 CIV 4123, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Barrick between May 7, 2009 and May 23, 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 Barrick securities during the Class Period, you have until August 05, 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. There is no out of pocket cost to you for your participation.
Barrick is one of the world's largest metals mining corporations. The Company develops and operates gold, silver, and copper mines in the United States, Canada, South America, Australia, and Africa. Among Barrick's South American operations is the Pascua-Lama Project ("Pascua-Lama" or the "Project") a property under development as an open-pit mine that straddles the border between Argentina and Chile, and is expected to produce gold, silver, and related minerals.
The Complaint alleges that throughout the Class Period, Defendants made false and misleading statements and concealed material information relating to the cost and time-to-production projections for the Pascua-Lama Project. As a result of Defendants' false and misleading statements and omissions, Barrick's shares traded at artificially inflated prices during the Class Period.
On May 7, 2009, prior to the markets' open, Barrick issued a press release announcing that the Company's Pascua-Lama Project would proceed to construction. As part of the highlights of the Project, Barrick stated that Pascua-Lama had a "[p]re-production cost estimate of $2.8-$3.0 billion," that "[f]ully compliant environmental management and monitoring plans" had been developed, and that "[c]ommissioning [was] expected in late 2012 and production in early 2013."
During the balance of the Class Period, Defendants continued to provide a rosy outlook for the costs and time that the development and completion of Pascua-Lama would require, repeatedly reassuring investors and analysts of the Project's reasonable cost, high profitability, and ability to drive growth for Barrick prior to 2014. Defendants' false and misleading statements caused Barrick's shares to close as high as $54.28 per share on April 5, 2011.
On April 10, 2013, prior to the markets' open, news outlets reported that the Appeals Court of Copiapó, Chile had issued an order suspending work on the Pascua-Lama Project. In reaction to this news, Barrick's stock price fell $2.23 per share, or 8.3 percent, to close at $24.46 per share on volume of more than 40 million shares. Then, on May 24, 2013, Chile's Superintendence of the Environment issued a resolution suspending the Pascua-Lama Project pending compliance with an environmental permit, and imposing a fine equivalent to $16 million. In response to this development, trading in Barrick stock was halted. After the Company's shares resumed trading, they closed at $19.16 per share, falling $0.39 per share, or 1.99% on June 10, 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