San Diego, CA -- (SBWIRE) -- 05/14/2012 -- A deadline is coming up on May 14, 2012 in the lawsuit filed for investors in AMEX:NSU shares over alleged securities laws violations in connection with certain financial statements over its Bisha mine in Eritrea made by Nevsun Resources.
Investors with a substantial investment in AMEX:NSU shares between March 31, 2011 and February 6, 2012, should get active before the Deadline that is coming up on May 14, 2012, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of the common shares of Nevsun Resources (USA) (AMEX:NSU) during the period March 31, 2011 through February 6, 2012, that Nevsun Resources Ltd. Violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements.
Specifically, the plaintiff alleges that Nevsun Resources Ltd. 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 Ltd. 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 Ltd. 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 Ltd. materially overstated its gold reserves at the Bisha mine.
Then on February 7, 2012, Nevsun Resources (USA) 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 (USA) (NYSEAMEX:NSU) fell from $6.65 on February 2, 2012 to as low as $3.18 on April 24, 2012.
Those who purchased shares of Nevsun Resources (USA) (AMEX:NSU) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego