Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Pretium Resources, Inc.
December 03 2013 - 9:15AM
Business Wire
Law Offices of Howard G. Smith announces that investors of
Pretium Resources, Inc. (“Pretium” or the “Company”) (NYSE:PVG)
have until December 24, 2013, to move the Court to serve as lead
plaintiff in the securities fraud class action lawsuit 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
Pretium securities 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, 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 have
certain rights and have until December 24, 2013, to move for lead
plaintiff status. To be a member of the class you need not take any
action at this time or may retain counsel of your choice. If you
purchased shares prior to the Class Period and wish to learn more
concerning 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,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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