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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Nevsun Resources    NSU   CA64156L1013

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Nevsun Resources : Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Nevsun Resources Ltd.

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04/07/2012 | 03:35am CET

Law Offices of Howard G. Smith announces that all purchasers of the common stock of Nevsun Resources Ltd. ("Nevsun" or the "Company") (AMEX:NSU) between March 31, 2011 and February 6, 2012, inclusive (the "Class Period"), have until May 14, 2012, to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York.

Nevsun mines and explores for gold and base metals such as copper and zinc. The Complaint alleges that defendants misrepresented or failed to disclose that: (a) Nevsun's mining activities at the Bisha mine in Eritrea, Africa, produced material amounts of waste rock, rather than gold ore; (b) defendants knew or recklessly disregarded that gold and gold ore from Bisha were materially less than estimated, based on data routinely collected from the mine; (c) Nevsun was progressing through the ore body at Bisha more quickly than planned, to maintain production at a rate that would not reveal to investors that the amount of gold was materially less than the Company's estimate; (d) Nevsun was aware its resource model was materially defective because actual amounts of gold mined at Bisha did not reconcile with the Company's previously disseminated estimate; and (e), Nevsun materially overstated its gold reserves at the Bisha mine.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Nevsun common stock between March 31, 2011 and February 6, 2012, you have certain rights, and have until May 14, 2012, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, or may retain counsel of your choice. If you wish to discuss this action or have questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll Free at 888-638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

Law Offices of Howard G. Smith
Howard G. Smith, Esquire

© Business Wire 2012
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EBIT 2016 74,1 M
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Average target price 4,20 $
Spread / Average Target 41%
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Robert Stuart Angus Chairman
Frazer W. Bourchier Chief Operating Officer
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Robert J. Gayton Independent Director
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