STEVENSON, Md., April 23, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of purchasers of Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (NYSE:ANV) common stock during the period between January 18, 2013 and August 5, 2013, inclusive (the "Class Period").
If you have suffered a loss from investment in Allied Nevada common stock purchased on or after January 18, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or financial obligation, click here: http://www.browerpiven.com/securitiesfraudcases.html.
You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
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 June 2, 2014, 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 Company units 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 one of its impermeable leach pads had defects and deficiencies, including, but not limited to, an insufficient supply of fresh water to leach ore and an inadequate solution pumping and piping infrastructure that required doubling the amount of fresh water available at the facility, replacing the existing irrigation tubing, piping and pumping infrastructure, and seeking various regulatory approvals, and that the Company's operations were not generating the cash flow necessary to proceed with the construction of the Hycroft Mine mill.
According to the complaint, following the early August 2013 revelation that the Company's production costs had soared, and would continue to do so, because of systemic operating defects at the Lewis leach pad and that the Company would indefinitely suspend its planned expansion at the Hycroft Mine due to the Company's inability to generate sufficient cash flows from operations due to amassed ore going unprocessed at the defective Lewis leach pad, the value of Allied Nevada 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.