NEW YORK, June 28, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sibanye Gold Limited (“Sibanye” or the “Company”) (NYSE:SBGL) of the August 27, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Sibanye stock or options between April 7, 2017 and June 26, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/SBGL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Sibanye securities between April 7, 2017 and June 26, 2018 (the “Class Period”). The case, Brandel v. Sibanye Gold Limited et al., No. 18-cv-03721 was filed on June 27, 2018, and has been assigned to Judge Kiyo A. Matsumoto.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Sibanye’s culture places short-term profits over safety; and (2) consequently, almost half of South Africa’s 2018 mining fatalities occurred in Sibanye mines.
Specifically, on June 13, 2018, pre-market, The Mercury published an article entitled, “Mine puts profits before lives – claim,” stating that Company supervisors forced and intimidated miners to work in dangerous conditions.
On this news, shares of Sibanye fell from $2.63 on June 12, 2018 to $2.56 on June 13, 2018—a 0.07 or 2.66% drop.
Then, on June 26, 2018, Bloomberg reported that “another worker was killed at [Sibanye’s] Driefontein operation in South Africa, bringing the total deaths at the company’s mines this year to 21.” According to the article, Sibanye “accounts for nearly half of the 46 people reported killed at South African mines in 2018 and is already the subject of an investigation by the chief inspector of mines.”
On this news, Sibanye shares fell from $2.82 on June 25, 2018 to $2.51 on June 26, 2018—a $0.31 or 10.99% drop.
Then, on June 27, 2018, Bloomberg reported pre-market that Citigroup, Inc. cut their recommendation on the stock to neutral from buy, citing the Company’s “track record” from both “an environmental, social and governance perspective, as well as the underlying investment risk that it holds[.]”
On this news, Sibanye shares fell from $2.51 on June 26, 2018 to $2.26 on June 27, 2018—a $0.25 or 9.96% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sibanye’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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