Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Pretium Resources, Inc.
November 22 2013 - 3:02PM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of New York on behalf of a class (the “Class”)
comprising all purchasers of the securities of Pretium Resources,
Inc. (“Pretium” or the “Company”) (NYSE:PVG) between January 19,
2011, and October 21, 2013, inclusive (the “Class Period”).
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, 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.”
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. To be
a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If have any questions concerning
this Notice or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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