Asanko Gold Inc (NYSEMKT: AKG) Investor Securities Class Action Lawsuit 05/31/2017

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Company Name(s): 
Asanko Gold
Case Name: 
Asanko Gold Shareholder Class Action Lawsuit 05/31/2017
Case Status: 
Case Dismissed
Affected Securities
NYSEMKT: AKG
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/31/2017
Class Period Begin: 
10/24/2014
Class Period End: 
05/31/2017
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
07/31/2017
Case Dismissed: 
11/21/2017
Summary: 

November 21, 2017 - The lead plaintiff filed a notice of voluntary dismissal without prejudice.

September 26, 2017 - Lead plaintiff and lead counsel were appointed.

July 31, 2017 - Lead plaintiff motions were filed.

May 31, 2017 - An investor in shares of Asanko Gold Inc (NYSEMKT: AKG) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Asanko Gold Inc in connection with certain allegedly false and misleading statements made between October 24, 2014 through May 31, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Asanko Gold Inc (NYSEMKT: AKG) common shares between October 24, 2014 through May 31, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 24, 2014 through May 31, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Asanko Gold Inc’s Mineral Resource Estimates are flawed, that some of Asanko Gold Inc’s resources models exhibit signs that they have been “smeared,” which would cause estimates of their ore contents to be inflated, and that as a result, Asanko Gold Inc’s public statements were materially false and misleading at all relevant times.

Canada based Asanko Gold Inc is a gold producer that has operations in the Republic of Ghana. Shares of Asanko Gold Inc (NYSEMKT: AKG) grew in 20016 to as high as $4.57 per share in August 2016.

On May 31, 2017, a report was published on Asanko Gold Inc asserting, among other things, that Asanko Gold Inc made investments based on flawed geology in Nkran, its satellite pits and Esaase that Muddy Waters believes “will never be recovered”, and that there are indicia that some of Asanko Gold Inc’s resources models have been “smeared”, which would cause estimates of their ore contents to be inflated.

Shares of Asanko Gold Inc (NYSEMKT: AKG) declined on May 31, 2017 to as low as $1.28 per share.