NEW YORK, Feb. 17, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) announces that a class action suit was filed in the United States District Court for the Southern District of New York against Kinross Gold Corp. ("Kinross" or the "Company") (NYSE: KGC) on behalf of all purchasers of Kinross shares between February 16, 2011 and January 17, 2012 (the "Class Period").
The complaint alleges that throughout the Class Period, defendants issued materially false and misleading statement regarding the Company's business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the drilling results at the Kinross Tasiast property had exhibited high amounts of low-grade ores and that because of this the Company would need to modify its mining processes to help minimize operating costs and maximize profitability; (b) that, as a result of the foregoing circumstances, applicable accounting standards required the Company to record an impairment in the value of goodwill that Kinross attributed to the Tasiast property; (c) that the Company's financial statements were not fairly presented in conformity with International Financial Reporting Standards and were materially false and misleading; and (d) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its business prospects and the Tasiast property during the Class Period.
If you purchased Kinross Shares during the Class Period, you may ask the Court to appoint you lead plaintiff for the class. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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