Faruqi and Faruqui, LLP Logo
Share this page

Barrick Gold Corporation (ABX)

NYSE:ABX

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Barrick Gold Corporation To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Barrick Gold Corporation (“Barrick Gold” or the “Company”) (NYSE:ABX) of the July 10, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Barrick Gold securities between February 16, 2017 and April 24, 2017 (the “Class Period”).  The case, Broadfoot v. Barrick Gold Corporation et al, No. 1:17-cv-03507 was filed on May 10, 2017.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (1) the pipes and safety systems at the Veladero mine were not robust enough to prevent gold-bearing solution spills; (2) consequently, Argentinian authorities would restrict the addition of cyanide to the Veladero mine’s heap leach facility and require remedial work; (3) these developments would impact the production capacity of the Veladero mine; (4) as such, the Company’s Veladero mine production guidance and total gold production guidance were overstated; and (5) as a result, the Company’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

Specifically, on April 24, 2017, the Company announced its first quarter 2017 financial results. Therein, the Company revised its full year guidance, stating that “full-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.”  The Company attributed the majority of the reduction to the anticipated sale of 50 percent of the Veladero mine.  In addition, Barrick Gold revised guidance specific to the Veladero mine, the revision is partly attributable to a work stoppage at the mine caused by environmental pollution.

After the announcement, Barrick Gold’s share price fell from $19.04 per share on April 24, 2017 to a closing price of $16.89 on April 25, 2017—a $2.15 or a 11.29% drop.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    Barrick Gold Corporation (ABX)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 05/11/2017

Send Information

If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.