STEVENSON, Md., Nov. 6, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of the common stock of Gold Resource Corporation ("Gold Resource" or the "Company") (NYSE:GORO) during the period between January 30, 2012 and October 17, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Gold Resource Corporation common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at http://www.browerpiven.com/">www.browerpiven.com, by email at mailto:hoffman@browerpiven.com">hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 24, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that overly aggressive expansion of Gold Resource's underground mining operations in the first quarter of 2012 had created operational difficulties lowering mine production, that Gold Resource was mining in lower grade zones of the deposit because of an unfilled need to upgrade electric power throughout the mine, expand ventilation and enhance handling ground water, and that in the third quarter of 2012, a dispute had arisen between the Company and the buyer of its metal concentrates, with the buyer claiming net adjustments (reductions) to the Company's provisional third quarter 2012 invoices. According to the complaint, after, on July 19, 2012, the Company announced that preliminary production results for the second quarter ended June 30, 2012, stating that the Company's second quarter production was lower than expected and the Company was dramatically slashing guidance for fiscal years 2012 and 2013, and after, on October 17, 2012, announced preliminary production results for the third quarter ended September 30, 2012, reporting additional reasons for the Company's now lower than expected third quarter 2012 results, the value of Gold Resource shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.