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Pomerantz Law Firm Announces the Filing of a Class Action against Pretium Resources, Inc. and Certain Officers – PVG
10/20/2018 | 02:20am CEST
NEW YORK, Oct. 19, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed 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 index under 18-cv-09624, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired shares of Pretium securities between July 21, 2016, and September 6, 2018, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Pretium securities between July 21, 2016, and September 6, 2018, both dates inclusive, you have until November 6, 2018, 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 email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Pretium acquires, explores, and develops precious metal resource properties in the America.
The Brucejack Project, or Brucejack Mine, is a mine located in northwestern British Columbia and is comprised of 4 mining leases and 6 mineral claims currently totaling 3,304 hectares in area. The Valley of the Kings zone is the “heart of the Brucejack Project.” This is the only material mineral project that Pretium is required to report under Canadian reporting regulations governing mineral properties. Accordingly, the Brucejack Project is essential to Pretium’s business and to the public market valuation of the business.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) that the Brucejack Project is not a high-grade, high-output mine; and (ii) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
On January 23, 2018, the Company disclosed lower gold production for the Brucejack Mine than previously projected, and also delayed achievement of steady-state gold production and operation of the grade control program.
On this news, the Company’s share price fell $2.86 per share, or over 26%, to close at $7.93 per share on January 23, 2018.
On September 6, 2018, Viceroy Research published a report entitled “Pretium Resources – digging up dirt,” alleging, among other things, that the Company’s “reported grades and reserves are significantly inflated, a much greater amount of waste is being dumped into local lakes, and more explosives are being utilized.” The report further alleged that “management is scrambling to find consistent, high-grade ore to maintain the charade that its debt and equity are viable.”
On this news, the Company’s share price fell $0.77 per share, or approximately 10%, to close at $6.94 per share on September 6, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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 80 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