Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court, Southern District of New York, on behalf of purchasers of the common stock of Nevsun Resources Ltd. between March 31, 2011 and February 6, 2012, inclusive, seeking to pursue remedies under the Securities Exchange Act of 1934.
Nevsun mines and explores for gold and base metals, such as copper and zinc. The Complaint alleges that defendants misrepresented or failed to disclose that: (a) Nevsun’s mining activities at the Bisha mine in Eritrea, Africa, produced a material amount of waste rock, rather than gold ore; (b) gold and gold ore from Bisha were materially less than estimated, and defendants knew or had reason to know this, based on data routinely collected from the mine; (c) Nevsun was progressing through the ore body at Bisha more quickly than planned, to maintain production at a rate that would not reveal to investors that the amount of gold was materially less than the Company’s estimate; (d) the Company was aware its resource model was materially defective because actual amounts of gold mined at Bisha did not reconcile with the Company’s previously disseminated estimate; and (e) Nevsun materially overstated its gold reserves at the Bisha mine.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Nevsun common stock between March 31, 2011 and February 6, 2012, you have certain rights, and have 60 days from March 13, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
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