NEW YORK, Nov. 22, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross
LLP has filed a class action lawsuit against Pretium Resources,
Inc. ("Pretium" or the "Company") (NYSE: PVG) and certain of
its officers. The class action, filed in United States
District Court, Southern District of New
York, and docketed under 13-cv-7556, is on behalf of a class
consisting of all persons or entities who purchased or otherwise
acquired securities of Pretium between November 20, 2012 and October 21, 2013 both dates inclusive (the "Class
Period"). This class action seeks to recover damages against the
Company and certain of its officers and directors as a result of
alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and
Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Pretium securities during
the Class Period, you have until December
26, 2013 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
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Pretium is an exploration and development company that was
formed for the acquisition, exploration and development of precious
metal resource properties in the Americas.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, regarding the
Company's mineral reserves and compliance with applicable reporting
and feasibility study requirements. Specifically, Defendants: 1)
vastly inflated the value of reserves contained in the Brucejack
Project, especially the gold reserves in the VOK Zone;
2) failed to disclose that its sampling methods were not in
conformance with industry standards; and 3) failed to disclose the
Company was not in compliance with NI 43-101. As a result of
the foregoing, the Company's statements were materially false and
misleading at all relevant times.
On October 9, 2013, the Company
disclosed that Strathcona, its Independent Qualified Person hired
by the Company to evaluate the mineral reserves in the Brucejack
Project, had abruptly resigned from the engagement. On this
news, Pretium shares declined $2.07
per share or over 30%, to close at $4.70 per share on October
9, 2013.
Then, on October 22, 2013, the
Company provided further information regarding Strathcona's sudden
resignation, reporting that it had resigned after a dispute with
the company over sampling methods, particularly after advising the
Company 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 further concluded 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." On this news, Pretium shares
declined $1.27 per share or over 27%,
to close at $3.36 per share on
October 22, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, 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 70 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.
CONTACT:
Robert S.
Willoughby
Pomerantz Grossman Hufford Dahlstrom
& Gross LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz Grossman Hufford
Dahlstrom & Gross LLP