A lawsuit was filed on behalf of investors in Pretium Resources Inc (NYSE:PVG) shares over alleged securities laws violations. Deadline: December 24, 2013. NYSE:PVG investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 10/28/2013 -- An investor, who purchased shares of Pretium Resources Inc (NYSE:PVG), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Pretium Resources Inc in connection with certain allegedly false and misleading statements made between January 9, 2012 and October 21, 2013regarding the Company's mineral reserves and compliance with applicable reporting and feasibility study requirements.
Investors who purchased shares of Pretium Resources Inc (NYSE:PVG) have certain options and for certain investors are short and strict deadlines running. Deadline: December 24, 2013. NYSE:PVG investors 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 all persons or entities who purchased or otherwise acquired Pretium Resources Inc (NYSE:PVG) between January 9, 2012 and October 21, 2013, that Pretium Resources Inc and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that defendants inflated the value of reserves contained in the Brucejack Project, especially the gold reserves in the VOK Zone, that the defendants failed to disclose that its sampling methods were not in conformance with industry standards; and that the defendants failed to disclose Pretium Resources Inc was not in compliance with NI 43-101, and that as a result of the foregoing, Pretium Resources Inc’s statements were materially false and misleading at all relevant times.
On October 9, 2013, Pretium Resources Inc disclosed that Strathcona Mineral Services Ltd, its Independent Qualified Person hired by the Company to evaluate the mineral reserves in the Brucejack Project, had abruptly resigned from the engagement.
On Oct. 22, 2013, Pretium Resources Inc(NYSE:PVG) disclosed that Strathcona Mineral Services Ltd ("Strathcona"), who were engaged in late 2012 as independent Qualified Persons to oversee the 10,000-tonne bulk sample and produce a report at the conclusion of the Valley of the Kings Bulk Sample Program (the "Program"), withdrew from the Program on October 8, 2013 before any results from the processing of the bulk sample were available. Pretium Resources Inc said that in withdrawing from the Program, Strathcona advised Pretium Resources Inc that "…there are no valid gold mineral resources for the VOK Zone, and without mineral resources there can be no mineral reserves, and without mineral reserves there can be no basis for a Feasibility Study."
Shares of Pretium Resources Inc declined from $4.463 per share on Oct. 21, 2013, to $3.04 per share on October 22, 2013. In fact, NYSE:PVG shares declined from as high as $9.76 per share in August 2013 to roughly 1/3 within about two months.
On October 25, 2013, NYSE:PVG shares closed at $3.65 per share.
Those who purchased shares of Pretium Resources Inc (NYSE:PVG), have certain options and should contact the Shareholders Foundation.
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