RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Pretium Resources Inc. (“Pretium” or the “Company”) (NYSE: PVG) securities between between July 21, 2016 and September 6, 2018, inclusive (the “Class Period”).
Pretium shareholders may, no later than November 6, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Pretium and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
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.
If you are a member of the class, you may, no later than November 6, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.