A settlement was reached in the lawsuit filed on behalf of certain investors of Nevsun Resources (NYSEAMEX: NSU) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on: January 22, 2015. NYSEAMEX: NSU investors should contact the Shareholders Foundation or send an email to email@example.com
San Diego, CA -- (SBWIRE) -- 11/17/2014 -- A deadline is coming up on January 22, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Nevsun Resources (NYSEAMEX: NSU) between March 28, 2011 through February 6, 2012.
If you invested a significant amount of shares of Nevsun Resources (NYSEAMEX: NSU) between March 28, 2011 through February 6, 2012, you have certain options and you should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Nevsun Resources (NYSEAMEX: NSU) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/nevsun-resources-nyseamex-nsu-investor-securities-class-action-lawsuit-03132012
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is January 22, 2015. The class action administrator for this case is The Garden City Group, Inc.
The lawsuit was originally filed in in the U.S. District Court for the Southern District of New York against Nevsun Resources over alleged violations of Federal Securities Laws in connection with certain financial statements over its Bisha mine in Eritrea.
According to the complaint the plaintiff alleges on on behalf of purchasers of the common shares of Nevsun Resources (NYSEAMEX: NSU) during the period March 31, 2011 through February 6, 2012, that Nevsun Resources Violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements.
Specifically, the plaintiff alleges that Nevsun Resources failed to disclose that its mining at the Bisha Mine resulted in a material amount of waste rock, rather than gold ore and that gold ore and gold from the Bisha Mine was materially less than the amount estimated by its model and defendants knew or had reason to know this based on data routinely collected from the Bisha Mine March 31, 2011 and February 6, 2012, that Nevsun Resources was progressing through the ore body much more quickly than planned in order to maintain gold production at a rate that would not reveal to investors that the amount of gold at the Bisha Mine was materially less than its model; that Nevsun Resources was aware that its model was materially defective because the actual amounts of gold mined at Bisha did not reconcile with its model previously disseminated to the investing public; and that Nevsun Resources materially overstated its gold reserves at the Bisha mine.
Then on February 7, 2012, Nevsun Resources announced its 2012 outlook for planned gold production of 190,000 to 210,000 ounces from the Bisha mine in Eritrea. Following the announcement multiple news sources reported that Nevsun Resources had cut its 2012 gold production guidance in half.
According to one article Nevsun Resources is matching what it mined in 2011 to what it had modeled in reserves a discrepancy began to emerge last year and that much of what Nevsun Resources had pegged as gold bearing ore turned out to be waste rock in the upper oxide zone at Bisha.
Shares of Nevsun Resources (NYSEAMEX: NSU) fell from $6.65 on February 2, 2012 to $4.17 on February 8, 2012.
Those who purchased shares of Nevsun Resources (NYSEAMEX: NSU) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego