Barrick Gold Corporation (USA) (NYSE:ABX) Investor Securities Class Action Lawsuit 05/10/2017

If you purchased shares of Barrick Gold Corporation (USA) (NYSE:ABX), you have certain options and for certain investors are short and strict deadlines running. Deadline: July 10, 2017. NYSE:ABX investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Barrick Gold
Case Name: 
Barrick Gold Shareholder Class Action Lawsuit 05/10/2017
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 

May 10, 2017 (Shareholders Foundation) - An investor in shares of Barrick Gold Corporation (USA) (NYSE:ABX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Barrick Gold Corporation in connection with certain allegedly false and misleading statements made between February 16, 2017 and April 24, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Barrick Gold Corporation (USA) (NYSE:ABX) common shares between February 16, 2017 and April 24, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 16, 2017 and April 24, 2017, the Defendants failed to disclose that the pipes and safety systems at the Veladero mine were not robust enough to prevent gold-bearing solution spills, that, as a result, Argentinian authorities would restrict the addition of cyanide to the Veladero mine’s heap leach facility and require remedial work, that that these developments would impact (and were impacting) the production capacity of the Veladero mine, that as such, the Company’s Veladero mine production guidance and total gold production guidance were overstated, and that, as a result of the foregoing, Defendants’ statements about Barrick’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Canada based Barrick Gold Corporation (Barrick) is a gold mining company. The Company is principally engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development.

Barrick Gold Corporation reported that its annual Total Revenue declined from over $9.02 billion in 2015 to over $8.55 billion in 2016 and that its Net Loss of over $2.83 billion in 2015 turned into a Net Income of $655 million in 2016.

On April 24, 2017, Barrick Gold Corporation reported its first quarter 2017 results and revised its full year guidance, stating that “[f]ull-year gold production is now expected to be 5.3-5.6 million ounces, down from our previous range of 5.6-5.9 million ounces.” Barrick also revised Veladero-specific guidance, projecting full-year production at Veladero of 630,000-730,000 ounces, compared to the Company’s previously-issued guidance of 770,000-830,000 ounces. The slowdown in Veladero production stems in part from a work stoppage at the mine caused by alleged environmental pollution. Shares of Barrick Gold Corporation (USA) (NYSE:ABX) declined on May 8, 2017 to $15.98 per share.