NEW YORK, Sept. 13, 2018 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Pretium Resources Inc. (“Pretium” or the “Company”) (NYSE: PVG) between July 21, 2016 and September 6, 2018, both dates inclusive (the “Class Period”). The lawsuit seeks to recover Pretium shareholders’ investment losses.
If you purchased Pretium securities, and/or would like to discuss your legal rights and options, please visit Pretium Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.
Pretium acquires, explores, and develops precious metal resource properties in the Americas. The Company’s “Brucejack Project” is a mine located in northwestern British Columbia and is comprised of 4 mining leases and 6 mineral claims totaling 3,304 hectares in area. The Brucejack Project is material to Pretium’s business and to its public market valuation.
According to the lawsuit, throughout the Class Period 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, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
On January 23, 2018, Pretium disclosed lower gold production for the Brucejack Project than previously projected and also delayed achievement of steady state gold production and operation of the grade control program.
On this news, Pretium stock fell $2.86 per share, or over 26%, from its previous closing price to close at $7.93 per share on January 23, 2018, damaging investors.
On September 6, 2018, Viceroy Research published a report stating, among other things, that Pretium’s “mining results have been distorted,” and that Pretium’s “reported grades and reserves are significantly inflated, a much greater amount of waste is being dumped into local lakes, and more explosives are being utilized.” The report further stated that “management is scrambling to find consistent, high-grade ore to maintain the charade that its debt and equity are viable.”
On this news, Pretium stock fell $0.77 per share, or nearly 10%, from its previous closing price to close at $6.94 per share on September 6, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than November 6, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Pretium securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/pretium-resources-inc-pvg-lawsuit-class-action-fraud-stock-80/ or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com