Omnicare Figures Prominently in Dismissal of Mining Company Investor Suit
In a decision relying heavily on the 2015 U.S. Supreme Court ruling limiting liability for statements deemed opinions in securities suits, a Manhattan federal judge has dismissed investor claims against gold mining company Pretium Resources Inc.
June 14, 2017 at 06:03 PM
3 minute read
In a decision relying heavily on the 2015 U.S. Supreme Court ruling limiting liability for statements deemed opinions in securities suits, a Manhattan federal judge has dismissed investor claims against gold mining company Pretium Resources Inc.
Investors alleged that Pretium inflated its stock price as a result of material, uncorrected misstatements about the prospects at a mine acquired in British Columbia in October 2010. The company brought on consultants to the Bluejack gold mine project in 2012 to estimate its potential gold haul.
Public reports to the U.S. Securities and Exchange Commission and elsewhere stated that Pretium estimated there to be millions of ounces of gold at Bluejack. But a consultant, Strathcona, resigned in October 2013 after telling Pretium that the sampling found “no valid gold mineral resources” and that public statements about probable reserves were “erroneous and misleading.” Strathcona had helped conduct a sample of a key area called the Valley of the Kings Zone.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllRejecting 'Blind Adherence to Outdated Precedent,’ US Judge Goes His Own Way on Attorney Fees
Rudy Giuliani Settles NY Enforcement Action With Ga. Poll Workers
Blake Lively’s Case Highlights How Pre-Litigation Subpoenas Can Expose Harassment in Hollywood
5 minute readDrake Sues UMG for Defamation Over Promotion of False Claims of Pedophilia
Trending Stories
- 1Goodwin Procter Relocates to Renewable-Powered Office in San Francisco’s Financial District
- 2'Didn't Notice Patient Wasn't Breathing': $13.7M Verdict Against Anesthesiologists
- 3'Astronomical' Interest Rates: $1B Settlement to Resolve Allegations of 'Predatory' Lending Cancels $534M in Small-Business Debts
- 4Senator Plans to Reintroduce Bill to Split 9th Circuit
- 5Law Firms Converge to Defend HIPAA Regulation
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250