2 total
Leave granted for securities class action misrepresentation claims; July 2012 disclosure accepted as possible public correction.
In a supplementary decision on a motion for leave to commence a secondary market securities class action, the court considered whether certain disclosures constituted public corrections of alleged misrepresentations made by the defendants in February and March 2012 regarding a mining project's capital expenditure budget and schedule.
The court found a reasonable possibility that the plaintiffs could prove the July 2012 disclosure was a partial public correction, but rejected subsequent disclosures in November 2012 and April 2013 as public corrections.
Leave was granted to proceed with the misrepresentation claims against the corporate defendant and two individual certifying officers.
Leave for a securities class action regarding mining project cost overruns was largely denied.
The plaintiffs sought leave under the Securities Act to commence a class action against Barrick Gold Corporation and certain officers/directors for alleged misrepresentations in public disclosures concerning the Pascua-Lama mining project.
The court dismissed most of the alleged misrepresentations due to a lack of precision in pleading and insufficient credible evidence, particularly regarding accounting and contingent liability claims, and October 2011, May 2012, November 2012, and March 2013 capex/scheduling claims.
However, the court found a reasonable possibility of success for certain capex budget and scheduling misrepresentations made in February and March 2012, but required further submissions on the issue of public correction for these.
Claims against two individual defendants were dismissed due to their tenure or lack of evidence.
