Kaplan Fox and Rigrodsky & Long Remind Investors of May 14, 2012 Lead Plaintiff Deadline in Securities Class Action on Behalf of Purchasers of Nevsun Common Shares During the Period March 31, 2011 through February 6, 2012
NEW YORK, May 3, 2012 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) and Rigrodsky & Long, P.A. filed the first class action suit against Nevsun Resources Ltd. ("Nevsun" or "Company") (NYSE Amex: NSU) that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of the common shares of Nevsun during the period March 31, 2011 through February 6, 2012, inclusive (the "Class").
The Lead Plaintiff deadline is May 14, 2012. The case is pending in the United States District Court for the Southern District of New York. A copy of the complaint may be obtained from Kaplan Fox (www.kaplanfox.com) or the Court.
The complaint alleges that throughout the Class Period the Company made materially false and misleading statements and failed to disclose that (a) Nevsun's mining at the Bisha Mine resulted in a material amount of waste rock, rather than gold ore; (b) that Nevsun's actual production of gold ore from the Bisha Mine was materially less than the amount that the Company's internal model's expected and defendants knew or had reason to know this based on data collected throughout the Class Period during the production of gold at the Bisha Mine; and (c) Nevsun materially overstated its gold reserves at the Bisha mine.
The complaint further alleges that on February 7, 2012, Nevsun shocked investors when, before the market opened, the Company issued a press release entitled "Nevsun 2012 Outlook Including Production Guidance", in which the Company disclosed i) that it had materially overstated gold reserves at the Bisha Mine by 30-35%; ii) that the amount of gold to be produced in 2012 would be about half of what Nevsun previously represented to investors; and iii) that the Company disclosed that it would restate its proven reserves. On February 7, 2012, following these disclosures, Nevsun's common shares declined in price by $1.94 per share on the NYSE Amex, from a closing price of $6.34 per share on February 6, 2012, to close at $4.40 per share on February 7, 2012, a decline of nearly 31% on heavy volume.
If you are a member of the proposed Class, you may move the court no later than May 14, 2012 to serve as a lead plaintiff for the proposed Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP and Rigrodsky & Long, P.A. For more information about the Complaint, or if you would like to obtain a copy of the complaint, you may contact Kaplan Fox (www.kaplanfox.com) or Rigrodsky Long (www.rigrodskylong.com).
If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
Scott J. Farrell
Timothy J. MacFall
RIGRODSKY & LONG, P.A.
825 East Gate Boulevard
Garden City, NY 11530
Fax: (302) 654-7530
SOURCE Kaplan Fox & Kilsheimer LLPBack to top