NEW YORK, May 22, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Barrick Gold Corporation ("Barrick Gold" or the "Company") (NYSE: ABX) of the July 10, 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 Barrick Gold stock or options between February 16, 2017 and April 24, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/ABX. 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 firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Barrick Gold securities between February 16, 2017 and April 24, 2017 (the "Class Period"). The case, Broadfoot v. Barrick Gold Corporation et al, No. 1:17-cv-03507 was filed on May 10, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (1) the pipes and safety systems at the Veladero mine were not robust enough to prevent gold-bearing solution spills; (2) consequently, Argentinian authorities would restrict the addition of cyanide to the Veladero mine's heap leach facility and require remedial work; (3) these developments would impact the production capacity of the Veladero mine; (4) as such, the Company's Veladero mine production guidance and total gold production guidance were overstated; and (5) as a result, the Company's statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Specifically, on April 24, 2017, the Company announced its first quarter 2017 financial results. Therein, the Company revised its full year guidance, stating that "full-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." The Company attributed the majority of the reduction to the anticipated sale of 50 percent of the Veladero mine. In addition, Barrick Gold revised guidance specific to the Veladero mine, the revision is attributable to a work stoppage at the mine caused by environmental pollution.
After the announcement, Barrick Gold's share price fell from $19.04 per share on April 24, 2017 to a closing price of $16.89 on April 25, 2017—a $2.15 or a 11.29% drop.
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 Barrick Gold's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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