NEW YORK, June 07, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United State District Court for the Eastern District of New York against Asanko Gold Inc. (NYSE:AKG) (TSX:AKG), with a class period of October 24, 2014 through May 31, 2017, inclusive (“Class Period”). Shareholders who purchased on either the New York Stock Exchange or Toronto Stock Exchange are urged to contact Wolf Haldenstein Adler Freeman & Herz LLP.
Investors who have incurred losses in Asanko Gold, Inc. shares are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased Asanko Gold, Inc. shares and would like to assist with the litigation process as a lead plaintiff, you may, no later than July 31, 2017, request that the Court appoint you lead plaintiff of the proposed class.
According to the filed Complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
- Asanko Gold’s Mineral Resource Estimates are flawed;
- some of Asanko Gold’s resources models exhibit signs that they have been “smeared,” which would cause estimates of their ore contents to be inflated; and
- as a result, Asanko Gold’s public statements were materially false and misleading at all relevant times.
On June 30, 2016, hedge fund K2 & Associates published a report asserting, among other things, that Asanko Gold’s gold resources “don’t add up” and appear to be over-inflated by a factor of two. On this news, shares of Asanko Gold fell $0.15 per share or over 3% to close at $3.81 per share on June 30, 2016.
On May 31, 2017, research firm Muddy Waters published a report asserting that Asanko Gold made investments that “will never be recovered” and that some of Asanko Gold’s models have been “smeared,” which would cause estimates of their ore contents to be inflated.
On this news, shares of Asanko Gold fell and additional $0.58 per share or over 31% to $1.29 per share, on May 31, 2017.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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