Pretium investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Pretium acquires, explores, and develops precious metal resource properties in the Americas. The Brucejack Project, or Brucejack Mine, is a mine located in northwestern British Columbia and is comprised of 4 mining leases and 6 mineral claims currently totaling 3,304 hectares in area. The Valley of the Kings zone is the "heart of the Brucejack Project." This is the only material mineral project that Pretium is required to report under Canadian reporting regulations governing mineral properties. The Brucejack Project is essential to Pretium's business and to the public market valuation of the business.
The Class Period commences on July 21, 2016, when the company issued a press released entitled "Valley of hte Kings Positive Mineral Resource Estimate Update," wherein the company stated, among other things, "With the completion of the updated Mineral Resource estimate for the Valley of the Kings and success in increasing confidence in the estimate in the areas to be mined in the first three years, the Valley of the Kings mine plan will now be updated in preparation for production development expected to commence later this year."
The complaint alleges that on January 23, 2018, the company disclosed lower gold production than previously disclosed, and also delayed achievement of steady state gold production and operation of the grade control program. These problems were disclosed in a press release issued by the company entitled "Brucejack Mine Production Update, 2018 Guidance." Following this news, the company's share price fell $2.86 per share, or over 26%, to close at $7.93 per share on January 23, 2018.
Then, on September 6, 2018, Viceroy Research published a report entitled "Pretium Resources - digging up dirt," alleging, among other things, that the company's "mining results have been distorted." Following this news, the company's share price fell $0.77 per share, or approximately 10%, to close at $6.94 per share on September 6, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the Brucejack Project is not a high-grade, high-output mine; and (2) as a result of the foregoing, the defendants' positive statements about the company's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
If you hare a member of the class described above, you may no later than November 6, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
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