NEW YORK, June 30, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of its client and all similarly situated investors who purchased or otherwise acquired common stock of Kirkland Lake Gold Ltd. ("Kirkland" or the Company") (NYSE: KL) from January 8, 2018 to November 25, 2019, inclusive (the "Class Period").
All investors who purchased Kirkland Lake Gold Ltd. shares and incurred losses 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 or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Kirkland Lake Gold Ltd., you may, no later than August 28, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Kirkland Lake Gold Ltd.
Kirkland is a gold mining and exploration company with operations in Canada and Australia. Historically, Kirkland pursued a strategy based on high-grade underground mining with low all-in sustaining costs. During the months leading up to November 25, 2019, Kirkland negotiated the acquisition of Detour Gold Corporation (“Detour”), an underperforming gold miner whose business depended on low-grade mining and high costs.
The filed Complaint alleges that Kirkland made false and misleading statements to the public throughout the Class Period and failed to disclose that:
- Kirkland lacked adequate internal controls over financial reporting, especially as it relates to its projections of risks, reserve grade, and all-in sustaining costs;
- the Company’s projections relating to its risks, reserve grade, and all-in sustaining costs were false and misleading in light of the impending acquisition of Detour;
- the Company’s financial statements and projections were not fairly presented in conformity with International Financial Reporting Standards; and
- based on the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company’s business, operations, and prospects and/or lacked a reasonable basis and omitted material facts.
On November 25, 2019, the company announced that it had agreed to acquire Detour. On news of this acquisition, Kirkland’s shares fell from $47.62 per share to $39.44, a decline of $8.18, more than 17%.
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.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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