Barrick Gold Corporation (NYSE: ABX) Investor Securities Class Action Lawsuit 06/05/2013

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Company Name(s): 
Barrick Gold
Case Name: 
Barrick Gold Shareholder Class Action Lawsuit 06/05/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: ABX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/05/2013
Class Period Begin: 
05/07/2009
Class Period End: 
11/01/2013
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
08/05/2013
Date Settled: 
06/15/2016
Settlement Amount: 
$140,000,000
Deadline to Participate in Settlement: 
09/29/2016
Summary: 

December 2, 2016 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

June 15, 2016 - The court preliminarily approved the settlement.

May 31, 2016 - Parties filed a stipulation of settlement.

April 1, 2015 - The court granted in part and denied in part the defendants' motion to dismiss.

February 11, 2014 - The defendants filed a motion to dismiss.

December 12, 2013 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Barrick Gold Corporation (NYSE: ABX) common shares between May 7, 2009 and November 1, 2013. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between May 7, 2009 and November 1, 2013.

September 20, 2013 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

August 14, 2013 - The order appointing lead plaintiffs and lead counsel and consolidating all cases was vacated to allow additional time for opposition and replies.

August 9, 2013 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

August 5, 2013 - Lead plaintiff motions were filed.

June 5, 2013 - An investor in shares of Barrick Gold Corporation (NYSE: ABX) filed a lawsuit in the U.S. District Court for the Southern District of New York against Barrick Gold Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 7, 2009 and May 23, 2013.

According to the complaint the plaintiff alleges on behalf of all purchasers of Barrick Gold Corporation (NYSE: ABX) common stock between May 7, 2009 and May 23, 2013, that Barrick Gold Corporation and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that between May 7, 2009 and May 23, 2013, Barrick Gold Corporation allegedly concealed from shareholders that the costs of bringing Pascua-Lama into production far exceeded any of Barrick Gold Corporation’s various publicly presented estimates, that Pascua-Lama presented no reasonable expectation of coming into production within any of Barrick Gold Corporation’s various publicly presented time horizons, that Pascua-Lama’s environmental impact presented significantly greater risks to the Project and Barrick Gold Corporation than those disclosed by defendants; and that as a result, defendants had no reasonable basis for their statements regarding the cost, timing, and production estimates for the Project, or the reserves and earnings guidance for Barrick Gold Corporation.

Barrick Gold Corporation reported that its annual Total Revenue rose from over $8.13 billion in 2009 to over $11 billion in 2010, respectively $14.23 billion in 2011 and that its Net Loss of over $4.27 billion in 2009 turned into a Net Income of over $3.58 billion in 2010, respectively over $4.48 billion in 2011.

Shares of Barrick Gold Corporation grew from $27.53 per share in April 2009 to as high as $55.62 per share in April 2011.

Then, Barrick Gold Corporation reported that its annual Total Revenue rose from over $14.23 billion in 2011 to over $14.54 billion in 2012.

However its Net Income of over $4.48 billion in 2011 turned into a Net Loss of $665.00 million in 2012.

On April 10, 2013, news outlets reported that the Appeals Court of Copiapó, Chile, had issued an order suspending work on Pascua-Lama.

Shares of Barrick Gold Corporation (NYSE: ABX) declined from over $55 in April 2011 to as low as $18.17 per share in April 2013.

On May 24, 2013, Chile’s Superintendencia del Medio Ambiente (Superintendency of the Environment) issued a resolution suspending the Project pending compliance with an environmental permit, and imposing a fine equivalent to $16 million.

On June 7, 2013, Barrick Gold Corporation (NYSE: ABX) shares closed at $20.10 per share.