NEW YORK, April 14, 2017 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Northern Dynasty Minerals Ltd. ("Northern Dynasty" or the "Company") (NYSE: NAK) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-02437 is on behalf of a class consisting of investors who purchased or otherwise acquired Dynasty Minerals securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Northern Dynasty securities between September 16, 2013 and February 13, 2017, both dates inclusive, you have until April 17, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Northern Dynasty engages in the exploration and development of mineral properties in the United States. Its principal property is the Pebble copper-gold-molybdenum mineral project ("Pebble Project") located in southwest Alaska.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Pebble Project carries a negative net present value; (ii) the Pebble Project is not commercially viable; and (iii) as a result of the foregoing, Northern Dynasty's public statements, as well as Defendants' statements about the Company's business, operations and prospects, were materially false and misleading at all relevant times.
On February 14, 2017, Kerrisdale Capital Management released an article about Northern Dynasty alleging that the Company's main asset, the low-grade Pebble deposit, is not commercially sustainable, that the Pebble project has a negative present value, and that for several years the Company has been concealing this information from the investing public.
On this news, Northern Dynasty's share price fell $0.68, or 21.38%, to close at $2.50 on February 14, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP