LOS ANGELES, June 20, 2005 (PRIMEZONE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP commenced a Class Action lawsuit in the United States District Court for the District of Colorado on behalf of a class ("Class") consisting of all persons who purchased securities of Newmont Mining Corporation ("Newmont" or "Company") (NYSE:NEM) between July 28, 2004 through April 26, 2005, inclusive ("Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss the action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges defendants with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements throughout the Class Period caused Newmont's stock price to become artificially inflated and inflicted enormous damages on investors when the truth was revealed. Specifically, defendants repeatedly made positive statements about the Company's operations and financial expectations. The true facts, however, which defendants knew or recklessly disregarded and concealed from the investing public during the Class Period, included the following: (a) Newmont had been processing only stockpiled low-grade ore at certain mines, which costs more to process; (b) Newmont's costs for commodities used in mining had increased, increasing total production costs and cash production costs; (c) Newmont overstated the amount of copper and gold it could extract in 2005; and (d) as a result of operating difficulties in the first-quarter 2005, Newmont's cash generation had declined by 50% and that its exploration costs would significantly increase.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than August 8, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.