NEW YORK, June 12, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Asanko Gold Inc. ("Asanko" or the "Company") (NYSE: AKG) of the July 31, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Asanko stock or options between October 24, 2014 and May 31, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/AKG. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Asanko securities between October 24, 2014 and May 31, 2017 (the "Class Period"). The case, Sumethasorn v. Asanko Gold Inc. et al, No. 1:17-cv-03280 was filed on May 31, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company's Mineral Resource Estimates are flawed; (2) some of the Company's resources models show signs that they have been "smeared," which would cause estimates of their ore contents to be inflated; and (3) as a result, the Company's public statements were materially false and misleading.
Specifically, on May 31, 2017, investment research firm Muddy Waters, LLC published a report on Asanko asserting, among other things, that: (1) Asanko made investments based on flawed geology in Nkran, its satellite pits, and Esaase that Muddy Waters believes "will never be recovered"; and (2) there are indications that some of Asanko's resources models have been "smeared," which would cause estimates of their ore contents to be inflated.
On this news, the Company's share price declined significantly on May 31, 2017, causing harm to investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Asanko's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE Faruqi & Faruqi, LLP