San Diego, CA -- (SBWire) -- 05/30/2017 --An investor in NYSE:ABX shares filed a lawsuit over alleged Securities Laws violations by Barrick Gold Corporation in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Barrick Gold Corporation (USA) (NYSE:ABX) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff claims that the Defendants failed to disclose that the pipes and safety systems at the Veladero mine were not robust enough to prevent gold-bearing solution spills, that, as a result, Argentinian authorities would restrict the addition of cyanide to the Veladero mine's heap leach facility and require remedial work, that that these developments would impact (and were impacting) the production capacity of the Veladero mine, that as such, the Company's Veladero mine production guidance and total gold production guidance were overstated, and that, as a result of the foregoing, Defendants' statements about Barrick's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Canada based Barrick Gold Corporation (Barrick) is a gold mining company. The Company is principally engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. Barrick Gold Corporation reported that its annual Total Revenue declined from over $9.02 billion in 2015 to over $8.55 billion in 2016 and that its Net Loss of over $2.83 billion in 2015 turned into a Net Income of $655 million in 2016.
On April 24, 2017, Barrick Gold Corporation reported its first quarter 2017 results and revised its full year guidance, stating that "[f]ull-year gold production is now expected to be 5.3-5.6 million ounces, down from our previous range of 5.6-5.9 million ounces." Barrick also revised Veladero-specific guidance, projecting full-year production at Veladero of 630,000-730,000 ounces, compared to the Company's previously-issued guidance of 770,000-830,000 ounces. The slowdown in Veladero production stems in part from a work stoppage at the mine caused by alleged environmental pollution. Shares of Barrick Gold Corporation (USA) (NYSE:ABX) declined on May 8, 2017 to $15.98 per share.
Those who purchased shares of Barrick Gold Corporation (USA) (NYSE:ABX) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Lawsuit for Investors in Shares of Barrick Gold Corporation (USA) (NYSE:ABX) Filed
A lawsuit was filed on behalf of investors in Barrick Gold Corporation (USA) (NYSE:ABX) shares over alleged securities laws violations. Deadline: July 10, 2017. NYSE:ABX investors should contact the Shareholders Foundation.