NEW YORK, Dec. 8, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Katanga Mining Limited ("Katanga" or the "Company") (OTC: KATFF) of the January 29, 2018 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 Katanga stock or options between February 11, 2016 and November 19, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/KATFF. 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.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased or acquired Katanga securities between February 11, 2016 and November 19, 2017 (the "Class Period"). The case, Davis v. Katanga Mining Limited et al., No. 2:17-cv-12188 was filed on November 29, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Katanga engaged in improper accounting practices; (2) there were material weaknesses in the Company's internal controls over financial reporting; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
On November 20, 2017, the Company issued a press release revealing the completion of the restatement of certain of its financial statements. Specifically, the Company disclosed that certain "material weaknesses" had been demonstrated in its internal control over financial reporting.
Following the announcement, Katanga's share price fell from $0.98 per share on November 17, 2017 to a closing price of $0.75 on November 22, 2017—a $0.23 or a 23.47% drop over three trading days.
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 Katanga's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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