Faruqi and Faruqui, LLP Logo
Share this page

Sibanye Gold Limited (SBGL)

NYSE:SBGL

Summary

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

NEW YORK, June 28, 2018 / Globenewswire/ --  Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sibanye Gold Limited (“Sibanye” or the “Company”) (NYSE:SBGL) of the August 27, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Sibanye stock or options between April 7, 2017 and June 26, 2018 and would like to discuss your legal rights, please click the link below.  There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Sibanye securities between April 7, 2017 and June 26, 2018 (the “Class Period”).  The case, Brandel v. Sibanye Gold Limited et al., No. 18-cv-03721 was filed on June 27, 2018, and has been assigned to Judge Kiyo A. Matsumoto.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Sibanye’s culture places short-term profits over safety; and (2) consequently, almost half of South Africa’s 2018 mining fatalities occurred in Sibanye mines.

Specifically, on June 13, 2018, pre-market, The Mercury published an article entitled, “Mine puts profits before lives – claim,” stating that Company supervisors forced and intimidated miners to work in dangerous conditions. 

On this news, shares of Sibanye fell from $2.63 on June 12, 2018 to $2.56 on June 13, 2018—a 0.07 or 2.66% drop.

Then, on June 26, 2018, Bloomberg reported that “another worker was killed at [Sibanye’s] Driefontein operation in South Africa, bringing the total deaths at the company’s mines this year to 21.” According to the article, Sibanye “accounts for nearly half of the 46 people reported killed at South African mines in 2018 and is already the subject of an investigation by the chief inspector of mines.”

On this news, Sibanye shares fell from $2.82 on June 25, 2018 to $2.51 on June 26, 2018—a $0.31 or 10.99% drop.

Then, on June 27, 2018, Bloomberg reported pre-market that Citigroup, Inc. cut their recommendation on the stock to neutral from buy, citing the Company’s “track record” from both “an environmental, social and governance perspective, as well as the underlying investment risk that it holds[.]” 

On this news, Sibanye shares fell from $2.51 on June 26, 2018 to $2.26 on June 27, 2018—a $0.25 or 9.96% drop. 

Contact Us

To contact Faruqi & Faruqi, LLP please call (877) 247-4292 or (212) 983-9330, or please
fill out the form below and a Firm representative will contact you.

  • Case:
    Sibanye Gold Limited (SBGL)
  •    

* 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:

  • 06/28/2018

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.