|[December 03, 2013]
Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Pretium Resources, Inc.
BENSALEM, Pa. --(Business Wire)--
Law Offices of Howard G.
Smith announces that investors of Pretium Resources, Inc. ("Pretium"
or the "Company") (NYSE:PVG) have until December 24, 2013, to move the
Court to serve as lead plaintiff in the securities fraud class action
lawsuit filed in the United States District Court for the Southern
District of New York on behalf of a class (the "Class") comprising all
purchasers of Pretium securities between January 19, 2011 and October
21, 2013, inclusive (the "Class Period").
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
The Complaint allges that the defendants misrepresented or failed to
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 are a member of the Class described above, you have certain
rights and have until December 24, 2013, to move for lead plaintiff
status. To be a member of the class you need not take any action at this
time or may retain counsel of your choice. If you purchased shares prior
to the Class Period and wish to learn more concerning your rights or
interests with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll
Free at (888) 638-4847, or by email to firstname.lastname@example.org,
or visit our website at http://www.howardsmithlaw.com.
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