IRVINE, Calif., July 03, 2017 (GLOBE NEWSWIRE) -- Khang & Khang LLP (the “Firm”) announces a securities class action lawsuit against Barrick Gold Corporation (“Barrick” or the “Company”) (NYSE: ABX ). Investors who purchased or otherwise acquired Barrick shares from February 16, 2017 through April 24, 2017, inclusive (the “Class Period”), are encouraged to contact the Firm before the July 10, 2017 lead plaintiff motion deadline.
If you purchased shares of Barrick during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone at (949) 419-3834 , or by e-mail at joon@khanglaw.com .
There has been no class certification in this case yet, and until certification occurs, you are not represented by an attorney. You may also choose to take no action and remain a passive class member.
According to the Complaint, during the Class Period, Barrick made materially false and/or misleading statements, and failed to disclose: that the pipes and safety systems at the Veladero mine were not strong enough to prevent gold-bearing solution spills; that Argentinian authorities would restrict the addition of cyanide to the Veladero mine's heap leach facility and require remedial work; that these developments would impact the production capacity of the Veladero mine; that Barrick's Veladero mine production guidance and total gold production guidance were overstated; and that as a result of the above, the Company’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis at all relevant times. On April 24, 2017, Barrick revised its full year guidance, stating that “[f]ull-year gold production is now expected to be 5.3-5.6 million ounces, down from our previous range of 5.6-5.9 million ounces.” Barrick attributed about two-thirds of the decrease to the planned sale of 50% percent of its Veladero mine. The Company also changed its Veladero-specific guidance, forecasting full-year production of 630,000-730,000 ounces at Veladero, compared to its previously-issued guidance of 770,000-830,000 ounces. Upon release of this information to the public, Barrick’s stock price fell materially, which harmed investors according to the Complaint.
If you wish to learn more about this lawsuit, or if you have any questions about this notice or your rights, please contact Joon M. Khang, Esquire, a prominent litigator for almost two decades, by telephone at (949) 419-3834 , or via e-mail at joon@khanglaw.com .
This press release may constitute Attorney Advertising in certain jurisdictions.
Contact Joon M. Khang, Esq. Telephone: 949-419-3834 Facsimile: 949-225-4474 joon@khanglaw.com
