A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Kinross Gold Corporation (USA) (NYSE:KGC) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on September 17, 2015 and NYSE: KGC investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/19/2015 -- A deadline is coming up on September 17, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Kinross Gold Corporation (USA) (NYSE:KGC) between August 11, 2011 and January 16, 2012.
Investors who purchased a significant amount of shares of Kinross Gold Corporation (USA) (NYSE:KGC) between August 11, 2011 and January 16, 2012, have certain options and should contact the Shareholders Foundation by email at email@example.com or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Kinross Gold Corporation (USA) (NYSE:KGC) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/kinross-gold-corporation-usa-nyse-kgc-investor-securities-class-action-lawsuit-02162012
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 September 17, 2015. The class action administrator for this case is Garden City Group, LLC.
The lawsuit was originally filed in the U.S. 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 between February 16, 2011 and January 17, 2012. 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 Corporation 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 Corporation'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 Gold Corporation 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 Corporation's financial statements were not fairly presented in conformity with International Financial Reporting Standards and were materially false and misleading.
Kinross Gold Corporation reported that its annual Revenue rose from $1.09 billion in 2007 to $3.01 billion in 2010 and its Net Income increased from $324.20 million for 2007, respectively a Net loss of $799.30 million in 2008, to a Net Income of $964.10 million in 2010.
Shares of Kinross Gold Corporation (NYSE:KGC) rose from $8.81 per share in October 2008 to over $23 per share in October 2009 and almost $17 per share in the end of 2010.
During the first three quarters in 2011 Kinross Gold Corporation (NYSE:KGC) stocks traded for the most part above $15 per share and close on September 2009, 2011 at $17.95.
For the third quarter in 2011 Kinross Gold Corporation reported a increase in its third quarter Revenue from $734.50 million in 2010 to $1.06 billion in 2011. However, its third quarter Net Income fell from $540.90 million in 2010 to $212.60 million in 2011.
Then on January 16, 2012 Kinross Gold Corporation announced its preliminary operating results for the full-year 2011 and outlook for 2012. The press release noted that Kinross Gold Corporation'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 Corporation's increased understanding of the Tasiast orebody, Kinross Gold Corporation had elected to conduct a comprehensive capital and project optimization process to efficiently advance development of the project and generate enhanced returns on capital. The press release also disclosed that "[i]n view of Kinross Gold Corporation's evolving understanding of Tasiast project parameters, and market conditions, including industry-wide increases in capital and operating costs, Kinross Gold Corporation expects to record a material non-cash accounting charge, primarily relating to the goodwill recorded for the Tasiast mine," which totaled $4.6 billion at September 30, 2011.
Kinross Gold Corporation (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 should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
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