An investor in NYSE:ABX shares filed a lawsuit over alleged violations of Federal Securities Laws by Barrick Gold Corporation in connection with certain allegedly false and misleading statements..
Investors who purchased shares of Barrick Gold Corporation (USA) (NYSE:ABX) should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff claims that between February 16, 2017 and April 24, 2017, 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.
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 NYSE:ABX shares have certain options and should contact the Shareholders Foundation.
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