San Diego, CA -- (SBWIRE) -- 02/21/2012 -- The Shareholders Foundation announces that an investor in NYSE:KGC shares filed a lawsuit in States District Court for the Southern District of New York against Kinross Gold Corporation over alleged Violations of Federal Securities Laws in connection with statements regarding its Tasiast property.
Investors who purchased shares of Kinross Gold Corporation (USA) (NYSE:KGC), including but not limited to those who acquired NYSE:KGC between February 16, 2011 and January 17, 2012 , have certain options and there are strict and short deadlines running. Deadline: April 16, 2012. NYSE:KGC stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Kinross Gold Corporation (NYSE:KGC) common stock during the period between February 16, 2011 and January 17, 2012, that Kinross Gold Corp. and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statement regarding Kinross Gold’s business and prospects. Specifically, so the lawsuit, the defendants among other things misrepresented and/or failed to disclose that the drilling results at the Kinross Tasiast property had exhibited high amounts of low-grade ores and that because of this Kinross Gold Corporation would need to modify its mining processes to help minimize operating costs and maximize profitability, and that Kinross Gold’s financial statements were not fairly presented in conformity with International Financial Reporting Standards and were materially false and misleading;
On January 16, 2012 Kinross Gold Corp. announced its preliminary operating results for the full-year 2011 and outlook for 2012. The press release noted that Kinross Gold’s three major growth projects at Tasiast, Fruta del Norte and Lobo-Marte would require significant capital expenditures and that as a result of Kinross Gold’s increased understanding of the Tasiast orebody, Kinross had elected to conduct a comprehensive capital and project optimization process to efficiently advance development of the project and generate enhanced returns on capital.
NYSE:KGC shares fell to under $10 on January 19, 2012 and closed on February 16, 2012 at $11.11 per share.
Those who purchased shares of Kinross Gold Corporation (USA) (NYSE:KGC) have certain options and there are strict and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego