NEW YORK, Sept. 17, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Pretium Resources, Inc. ("Pretium" or the "Company") (NYSE: PVG) of the November 6, 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 Pretium stock or options between July 21, 2016 and September 6, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/PVG. There is no cost or obligation to you.
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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 Pretium securities between July 21, 2016 and September 6, 2018 (the "Class Period"). The case, Holtan v. Pretium Resources, Inc., et al., No. 18-cv-08199 was filed on September 7, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors that: (1) the Brucejack Project is not a high-grade, high-output mine; and (2) that, as a result of the foregoing, the Company's positive statements about the Company's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Specifically, on January 23, 2018, the Company disclosed lower gold production for the Brucejack Mine than previously projected and delayed achievement of both steady state gold production and operation of the grade control program.
After the announcement, Pretium's share price fell from $10.79 per share on January 22, 2017 to a closing price of $7.93 on January 23, 2018—a $2.86 or a 26% drop.
Then, on September 6, 2018, Viceroy Research published a report entitled "Pretium Resources – digging up dirt," alleging, among other things, that the Company's "reported grades and reserves are significantly inflated, a much greater amount of waste is being dumped into local lakes, and more explosives are being utilized." The report further alleged that "management is scrambling to find consistent, high-grade ore to maintain the charade that its debt and equity are viable."
After the announcement, Pretium's share price fell from $7.71 per share on September 5, 2017 to a closing price of $6.94 on September 6, 2018—a $0.77 or a 10% 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 Pretium's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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