NEW YORK, July 11, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, 03-CV-5059, on behalf of all persons or entities who purchased or otherwise acquired Barrick Gold Corp. ("Barrick" or the "Company") securities (NYSE:ABX) during the period February 14, 2002 to September 26, 2002, both dates inclusive (the "Class Period"). The Complaint names Barrick, Randall Oliphant, John K. Carrington, and Jamie C. Sokalasky as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. In particular, the Complaint alleges Barrick assured the markets that it was improving its operations by keeping its production costs in check and that the Company expected to earn $0.42-$0.47 per share in 2002, even taking into account the phasing out of several mines and decreasing ore quality which increases costs in several of its mines. These representations were materially false and misleading, according to the complaint, because they failed to disclose that (1) the Company's expected costs for the year would be well above the figures highlighted to the public, (2) Barrick's costs per ounce had increased dramatically in 2002 and would continue to increase throughout the year, and (3) the Company's repeated assurances that production and costs would continue to improve in 2002 were lacking in any reasonable basis and were contradicted by facts known to defendants, or, at the very least, recklessly disregarded by them. On September 26, 2002, the Company announced that it expected to earn materially less in 2002 than previously announced due to increased costs stemming from production issues at several mines which the Company misleadingly represented during the Class Period, would be resolved in the second half of 2002. In reaction to the announcement, which came only days after the Company reiterated its positive expectations, Barrick's stock fell by 10.5% in one day, from $17.77 on September 25, 2002 to $15.90 on September 26, 2002 on extremely heavy trading volume.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Barrick securities during the Class Period described above, you may, no later than August 11, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca