NEW YORK, Nov. 20, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Katanga Mining Limited ("Katanga" or the "Company") (OTCMKTS: KATFF). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/katff.
The investigation concerns whether Katanga and certain of its officers and/or directors have violated Federal Securities Laws.
On November 20, 2017, Katanga announced the resignation of three executives of Glencore plc, Katanga's parent company, from Katanga's board of directors after an internal review found "material weaknesses" in the Company's financial reporting controls. Katanga stated that questions about the "appropriateness" of certain of Katanga's accounting practices arose during the course of an investigation by the Ontario Securities Commission (the "OSC"). The Company restated certain historical financial statements for the years 2015 and 2016, as well as the first quarter of 2017, and advised investors that "the Company's previously filed consolidated financial statements for the years ended December 31, 2016, 2015 and 2014 and related MD&A [management's discussion and analysis] and all interim consolidated financial statements and interim MD&A since December 31, 2014 should not be relied upon." In addition, Katanga advised investors that "OSC enforcement staff are also investigating the adequacy of Katanga's corporate governance practices and compliance with those practices and the related conduct of certain directors and officers of Katanga" and "Katanga's risk disclosure in connection with applicable requirements under certain international bribery, government payment and anti-corruption laws." On this news, Katanga's American depositary receipt price has fallen as much as $0.09, or 9%, during intraday trading on November 20, 2017.
If you are aware of any facts relating to this investigation, or purchased Katanga shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/katff. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.