KATANGA MINING LTD (OTCMKTS:KATFF) Investor Securities Class Action Lawsuit 11/29/2017

If you purchased shares of KATANGA MINING LTD (OTCMKTS:KATFF), you have certain options and for certain investors are short and strict deadlines running. Deadline: January 29, 2018. OTCMKTS:KATFF investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
KATANGA MINING
Case Name: 
KATANGA MINING Shareholder Class Action Lawsuit 11/29/2017
Case Status: 
Lawsuit Filed
Affected Securities
OTCMKTS: KATFF
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/29/2017
Class Period Begin: 
02/11/2016
Class Period End: 
11/19/2017
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
01/29/2018
Summary: 

An investor in shares of KATANGA MINING LTD (OTCMKTS:KATFF) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by KATANGA MINING LTD in connection with certain allegedly false and misleading statements made between February 11, 2016 and November 19, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of KATANGA MINING LTD (OTCMKTS:KATFF) common shares between February 11, 2016 and November 19, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 11, 2016 and November 19, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Katanga engaged in improper accounting practices, that there were material weaknesses in Katanga’s internal control over financial reporting, and that as a result, Katanga’s public statements were materially false and misleading at all relevant times.

Katanga Mining Limited is a Switzerland-based holding company that , through its subsidiaries, produces copper and cobalt metal and that have copper and cobalt assets in the Democratic Republic of Congo.

On November 20, 2017, Katanga announced the resignation of three executives of Glencore plc, Katanga's parent company, from Katanga's board of directors after an internal review found "material weaknesses" in the Company's financial reporting controls. Katanga stated that questions about the "appropriateness" of certain of Katanga's accounting practices arose during the course of an investigation by the Ontario Securities Commission (the "OSC").
Katanga Mining Limited restated certain historical financial statements for the years 2015 and 2016, as well as the first quarter of 2017, and advised investors that "the Company's previously filed consolidated financial statements for the years ended December 31, 2016, 2015 and 2014 and related MD&A [management's discussion and analysis] and all interim consolidated financial statements and interim MD&A since December 31, 2014 should not be relied upon." In addition, Katanga advised investors that "OSC enforcement staff are also investigating the adequacy of Katanga's corporate governance practices and compliance with those practices and the related conduct of certain directors and officers of Katanga" and "Katanga's risk disclosure in connection with applicable requirements under certain international bribery, government payment and anti-corruption laws."