STEVENSON, Md., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Pretium Resources Inc. ("Pretium" or the "Company") (NYSE:PVG) securities during the period between January 19, 2011 and October 21, 2013, inclusive, including purchasers in Pretium's May 3, 2012 follow-on public stock offering at $14.50 per share (the "Class Period").
If you have suffered a net loss from investment in Pretium Resources Inc. securities purchased on or after January 19, 2011, and held through any of the revelations of negative information on October 9, 2013 and/or October 22, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at 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, 2013 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.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that Pretium had not acquired credible evidence concerning the quantity or quality of gold reserve estimates it claimed to have obtained, that one of the firms Pretium hired to provide an independent analysis of the quantity and quality of the gold reserves at its Brucejack Project, Snowden Mining Industry Consultants ("Snowden"), was not using a reliable methodology, and that Snowden and Strathcona Mineral Services Ltd. ("Strathcona"), the other geology firm hired by the Company to evaluate its gold reserves at Brucejack, did not agree on the methodology to be used to evaluate Pretium's gold reserve estimates. According to the complaint, following the Company's October 9, 2013 disclosure that Strathcona had resigned from the Brucejack Project, and the Company's October 22, 2013 disclosure that Strathcona had resigned after a dispute with the Company over sampling methods, and that Strathcona had concluded that the Company's statements in recent press releases about probable mineral reserves and future gold production were erroneous and misleading, the value of Pretium 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.