NEW YORK, May 11, 2017 /PRNewswire/ -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Barrick Gold Corporation ("Barrick" or the "Company") (NYSE: ABX) and certain of its officers, on behalf of shareholders who purchased Barrick securities between February 16, 2017 and April 24, 2017, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/abx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On April 24, 2017, Barrick revised its full year guidance, stating that "[f]ull-year gold production is now expected to be 5.3-5.6 million ounces, down from our previous range of 5.6-5.9 million ounces." Barrick credited about two-thirds of the decrease to the planned sale of 50% percent of its Veladero mine. The Company also revised Veladero-specific guidance, forecasting full-year production at Veladero of 630,000-730,000 ounces, compared to its previously-issued guidance of 770,000-830,000 ounces. Following this news, Barrick stock dropped $2.15 per share, or 11.3%, to close at $16.89 on April 25, 2017.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the pipes and safety systems at the Veladero mine were not robust enough to prevent gold-bearing solution spills; (2) that, consequently, Argentinian authorities would restrict the addition of cyanide to the Veladero mine's heap leach facility and require remedial work; (3) that these developments would impact (and were impacting) the production capacity of the Veladero mine; (4) as a result, Barrick's Veladero mine production guidance and total gold production guidance were overstated; and (5) that, due to the above mentioned reasons, Defendants' statements about Barrick's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/abx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Barrick you have until July 10, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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SOURCE Bronstein, Gewirtz & Grossman, LLC