SAN FRANCISCO, July 8, 2020 /PRNewswire/ -- Hagens Berman urges investors in NovaGold Resources, Inc. (NYSE: NG) to submit their losses now. The firm is investigating possible securities fraud, and certain investors may have valuable claims. Hagens Berman also encourages persons who may be able to assist the Firm's investigation to contact its attorneys.
NovaGold (NG) Investigation:
Hagens Berman's proprietary investigation focuses on whether NovaGold has misled investors about the viability of the company's massive Donlin gold mining project, which it co-owns with Barrick Gold Corporation (NYSE: GOLD).
NovaGold's management has touted the Donlin gold mining project as "not just a Tier 1 asset," "not just a world-class asset," but really "unique."
But on Feb. 12, 2020, the company's co-owner, Barrick, told investors it does not even include Donlin in its 10-year plan.
Then, on May 28, 2020, J. Capital Research published a scathing report alleging "NovaGold's management team has systematically misled investors" about Donlin, "a deposit so remote and technologically challenging that the mine will never be built." J. Capital criticizes NovaGold for using "custom metrics designed to deceive," including claiming "the deposit will require $6.7 bln in capital, [when] the feasibility study clearly shows this number is $8 bln." J. Capital also contends that the "[t]he proposed natural gas pipeline central to powering the project is dead on arrival." The report quotes an engineer who worked on costing the pipeline as saying he "doesn't know of any engineering company that has the experience to build such a complex pipeline."
"We're focused on investors' losses and whether NovaGold misrepresented the cost and feasibility of the Donlin project" said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of NovaGold and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding NovaGold should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP