Case: Nevsun Resources, Ltd., No. 12-cv-1845 (S.D.N.Y.) Class Period: March 28, 2011 - February 6, 2012 |
Kaplan Fox is the court appointed co-lead counsel in the securities class action against Nevsun Resources, Ltd. (“Nevsun” or the “Company”) and other related defendants in connection with Nevsun’s recent disclosure that it had materially misstated its financial results. In this case, Kaplan Fox represents the court appointed lead plaintiff, Craig F. Piazza and additional plaintiff Scott F. Colebourne.
The complaint further alleges that on February 7, 2012, Nevsun shocked investors when, before the market opened, the Company issued a press release entitled “Nevsun 2012 Outlook Including Production Guidance”, in which the Company disclosed i) that it had materially overstated gold reserves at the Bisha Mine by 30-35%; ii) that the amount of gold to be produced in 2012 would be about half of what Nevsun previously represented to investors; and iii) that it would restate its proven reserves. On February 7, 2012, following these disclosures, Nevsun’s common shares declined in price by $1.94 per share on the NYSE Amex, from a closing price of $6.34 per share on February 6, 2012, to close at $4.40 per share on February 7, 2012, a decline of nearly 31% on heavy volume. |