Golden Star Resources Ltd. (GSS)


Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Investing In Golden Star Resources Ltd. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Golden Star Resources Ltd. ("Golden Star" or the "Company")(NYSE:GSS) of the June 1, 2020 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 Golden Star stock or options between February 20, 2019 and July 30, 2019 and would like to discuss your legal rights, please fill out the form 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 Central District of California on behalf of all those who purchased Golden Star common stock between February 20, 2019 and July 30, 2019 (the "Class Period"). The case, Grobler v. Golden Star Resources Ltd. et al., No. 20-cv-03047 was filed on April 1, 2020.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company had insufficient geological and geotechnical data in its Prestea mine; (2) the Company had experienced deficiencies in its operating practices and mining methods including inaccurate long hole drilling and blasting in its Prestea mine; (3) the Company did not have the mining flexibility and more measured resources to ensure higher reserve grade; (4) the Company had experienced increased tonnage at much lower grade where it had to supplement some of the production with oxide material; (5) the Company had excessive dilution which drove lower mining rates at the Prestea mine; and (6) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.

On July 31, 2019, Golden Star announced disappointing second quarter 2019 financial results whereby the Company was forced to materially cut its production guidance and increase its cash operating cost estimates. In doing so, the Company admitted that a laundry list of issues had negatively impacted its mines, including the use of insufficient geological and geotechnical data and poor drilling strategies and techniques, such as continued improper "blasting."

On this news, Golden Star's share price fell from $4.30 per share on July 30, 2019 to a closing price of $3.55 on July 31, 2019: a $0.75 or a 17.44% drop.

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Golden Star Resources Ltd. (GSS)

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Details

Filed on 04/01/2020

Ticker NYSE:GSS

Lead Plaintiff Deadline 06/01/2020

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Richard W. Gonnello rgonnello@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Finding us

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Our offices are nationwide. If you have any questions about a case or our firm, please contact us.

New York

685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
(212) 983-9331

California

10866 Wilshire Boulevard Suite 1470
Los Angeles, California 90024
(424) 256-2884
(424) 256-2885

Delaware

3828 Kennett Pike Suite 201
Wilmington, Delaware 19807
(302) 482-3182
(302) 482-3612

Georgia

3975 Roswell Rd Suite A
Atlanta, Georgia 30342
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania