| Company: | Pretium Resources, Inc. |
| Ticker Symbol: | PVG |
| Class Period: | Jan-19-11 to Oct-21-13 |
| Date Filed: | Nov-18-13 |
| Lead Plaintiff Deadline: | Jan-17-14 |
| Court: | Southern District of New York |
| Allegations: | |
Pretium engages in the acquisition, exploration and development of precious metal resource properties in the Americas. One of the Company's main mineral resource projects is an advanced stage gold-silver exploration project focused on exploration of mineral reserves in the Valley of Kings ("VOK") zone in northwestern British Columbia. Pretium engaged Strathcona Mineral Services Ltd. as independent "Qualified Persons" to oversee the Valley of the Kings bulk sample program and prepare a report at the conclusion of the project concerning mineral resource estimates.
The Complaint alleges that the defendants misrepresented or failed to disclose that: The mineral resources, potential mineral reserves and potential gold production in the VOK zone were exaggerated: The Company's sampling methodology for the Valley of the Kings Bulk Sample Program was unreliable and misleading.
On October 22, 2013, Pretium announced the withdrawal of Strathcona from the Valley of the Kings Bulk Sample Program before any results from the processing of the bulk sample were available. According to the Company, in withdrawing from the program Strathcona advised Pretium that "there are no valid gold mineral resources for the VOK Zone, and without mineral resources there can be no mineral reserves, and without mineral reserves there can be no basis for a Feasibility Study." Strathcona also advised Pretium that statements included in all recent press releases by Pretium about probable mineral reserves and future gold production from the Valley of the Kings zone over a 22-year mine life are "erroneous and misleading." Following this news, Pretium declined 27%, or $1.27 per share, to close on October 22, 2013, at $3.36 per share, on unusually heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
