LOS ANGELES, May 15, 2017 /PRNewswire/ -- Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Barrick Gold Corporation ("Barrick" or the "Company") (NYSE: ABX) concerning possible violations of federal securities laws between February 16, 2017 through April 24, 2017 inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the July 10, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or e-mail him at firstname.lastname@example.org.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Barrick made materially false and/or misleading statements, and failed to disclose: that the pipes and safety systems at the Veladero mine were not robust enough to prevent gold-bearing solution spills; that Argentinian authorities would restrict the addition of cyanide to the Veladero mine's heap leach facility and require remedial work; that these developments would impact the production capacity of the Veladero mine; that as a result of the above, Barrick's Veladero mine production guidance and total gold production guidance were overstated; and that as a result of the above, the Company's statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis at all relevant times.
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 attributed 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. Upon release of this news, Barrick shares dropped in value materially, which harmed investors according to the Complaint.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE Lundin Law PC