Glancy Binkow & Goldberg LLP Files Class Action Lawsuit Against Pretium Resources, Inc.
November 18 2013 - 9:50AM
Business Wire
Glancy Binkow & Goldberg LLP, representing investors of
Pretium Resources, Inc. (“Pretium” or the “Company”) (NYSE:PVG),
has filed a class action lawsuit in the United States District
Court for the Southern District of New York on behalf of a class
(the “Class”) comprising all purchasers of Pretium securities
between January 19, 2011, and October 21, 2013, inclusive (the
“Class Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM
GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT
(888) 773-9224, OR AT (212) 682-5340, OR BY EMAIL TO
SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE
BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND
NUMBER OF SHARES PURCHASED.
Pretium engages in the acquisition, exploration and development
of precious metal resource properties in the Americas. One of the
Company’s main mineral resource projects is an advanced stage
gold-silver exploration project focused on exploration of mineral
reserves in the Valley of Kings (“VOK”) zone in northwestern
British Columbia. Pretium engaged Strathcona Mineral Services Ltd.
as independent “Qualified Persons” to oversee the Valley of the
Kings bulk sample program and prepare a report at the conclusion of
the project concerning mineral resource estimates.
The Complaint alleges that the defendants misrepresented or
failed to disclose that:
- The mineral resources, potential
mineral reserves and potential gold production in the VOK zone were
exaggerated.
- The Company’s sampling methodology for
the Valley of the Kings Bulk Sample Program was unreliable and
misleading.
On October 22, 2013, Pretium announced the withdrawal of
Strathcona from the Valley of the Kings Bulk Sample Program before
any results from the processing of the bulk sample were available.
According to the Company, in withdrawing from the program
Strathcona advised Pretium that “there are no valid gold mineral
resources for the VOK Zone, and without mineral resources there can
be no mineral reserves, and without mineral reserves there can be
no basis for a Feasibility Study.” Strathcona also advised Pretium
that statements included in all recent press releases by Pretium
about probable mineral reserves and future gold production from the
Valley of the Kings zone over a 22-year mine life are “erroneous
and misleading.” Following this news, Pretium declined 27%, or
$1.27 per share, to close on October 22, 2013, at $3.36 per share,
on unusually heavy trading volume.
If you are a member of the Class described above you may move
the Court no later than December 24, 2013, to serve as lead
plaintiff; however, you must meet certain legal requirements. If
you wish to learn more about this action, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Michael Goldberg, Esquire,
of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite
2100, Los Angeles, California 90067, Toll Free at (888) 773-9224,
or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg
LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at
(212) 682-5340, by e-mail to shareholders@glancylaw.com, or visit
our website at http://www.glancylaw.com. If you inquire by email
please include your mailing address, telephone number and number of
shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael
Goldberg888-773-9224orGlancy Binkow & Goldberg LLP, New York,
NYGregory Linkh212-682-5340 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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