NEW YORK, Sept. 19, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Pretium Resources, Inc. ("Pretium" or the "Company") (NYSE: PVG). Investors who purchased Pretium securities between July 21, 2016 and September 6, 2018 (the "Class Period") may be affected. A complaint has been filed in the United States District Court for the Southern District of New York against Pretium and certain executives on behalf of investors that acquired Pretium securities during the Class Period.
According to the complaint, Pretium acquires, explores, and develops precious metal resource properties in the Americas. The Brucejack Project, or Brucejack Mine, is a mine located in northwestern British Columbia and is comprised of 4 mining leases and 6 mineral claims. The Valley of the Kings zone is the "heart of the Brucejack Project" and allegedly essential to Pretium's business and to the public market valuation of the business.
According to the complaint, the Class Period begins on July 21, 2016, when the Company issued a press release entitled "Valley of the Kings Positive Mineral Resource Estimate Update," wherein the Company stated among other things "[w]ith the completion of the updated Mineral Resource estimate for the Valley of the Kings and success in increasing confidence in the estimate in the areas to be mined in the first three years, the Valley of the Kings mine plan will now be updated in preparation for production development expected to commence later this year."
Then, on January 23, 2018, the complaint alleges that the Company issued a press release entitled "Brucejack Mine Production Update; 2018 Guidance," in which Pretium disclosed lower gold production than previously disclosed, and also delayed achievement of steady state gold production and operation of the grade control program.
Following this news, Pretium's share price fell $2.86 per share, or over 26%, to close at $7.93 per share on January 23, 2018.
Then, on September 6, 2018, the complaint alleges that Viceroy Research published a reported entitled "Pretium Resources – digging up dirt," alleging, among other things, that the Company's "mining results have been distorted."
Following this news, Pretium's share price fell $0.77 per share, or about 10%, to close at $6.94 per share on September 6, 2018.
According to the complaint, throughout the Class Period the defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business, including that the Brucejack Project is not a high-grade, high-output mine.
If you are a member of the proposed Class, you may move the court no later than November 6, 2018 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing firstname.lastname@example.org or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
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New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
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San Francisco, California 94104
Fax: (415) 772-4707
SOURCE Kaplan Fox & Kilsheimer LLP