RADNOR, Pa., Oct. 11, 2018 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds Pretium Resources, Inc. (NYSE: PVG) (“Pretium”) investors that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Pretium securities between July 21, 2016 and September 6, 2018, inclusive (the “Class Period”).
REMINDER: Investors who purchased Pretium securities during the Class Period may, no later than November 6, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit www.ktmc.com/pretium-resources-securities-class-action
According to the complaint, Pretium acquires, explores, and develops precious metal resource properties in the Americas. The Brucejack Project, or Brucejack Mine, is a mine located in northwestern British Columbia and is comprised of 4 mining leases and 6 mineral claims currently totaling 3,304 hectares in area. The Valley of the Kings zone is the "heart of the Brucejack Project." This is the only material mineral project that Pretium is required to report under Canadian reporting regulations governing mineral properties. The Brucejack Project is essential to Pretium's business and to the public market valuation of the business.
The Class Period commences on July 21, 2016, when Pretium issued a press released entitled "Valley of the Kings Positive Mineral Resource Estimate Update," stating, among other things, "[w]ith the completion of the updated Mineral Resource estimate for the Valley of the Kings and success in increasing confidence in the estimate in the areas to be mined in the first three years, the Valley of the Kings mine plan will now be updated in preparation for production development expected to commence later this year."
The complaint alleges that on January 23, 2018, Pretium disclosed lower gold production than previously disclosed, and also delayed achievement of steady state gold production and operation of the grade control program. These problems were disclosed in a press release issued by Pretium entitled "Brucejack Mine Production Update, 2018 Guidance." Following this news, Pretium’s share price fell $2.86 per share, or over 26%, to close at $7.93 per share on January 23, 2018.
Then, on September 6, 2018, Viceroy Research published a report entitled "Pretium Resources - digging up dirt," alleging, among other things, that Pretium’s "mining results have been distorted." Following this news, Pretium’s share price fell $0.77 per share, or approximately 10%, to close at $6.94 per share on September 6, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the Brucejack Project is not a high-grade, high-output mine; and (2) as a result of the foregoing, the defendants' positive statements about Pretium’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Investors who wish to discuss this securities fraud class action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at info@ktmc.com.
Pretium investors may, no later than November 6, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com