Multi-billion dollar class action commenced in Ontario against Barrick Gold Corporation - KCTV5

Multi-billion dollar class action commenced in Ontario against Barrick Gold Corporation

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SOURCE Koskie Minsky LLP

TORONTO, April 25, 2014 /CNW/ - On April 24, 2014, Koskie Minsky LLP and Sutts, Strosberg LLP commenced a multi-billion dollar securities class action against Barrick Gold Corporation (NYSE and TSX: ABX) and certain senior officers.

The claim is brought on behalf of purchasers of Barrick securities from May 7, 2009 to November 1, 2013. The plaintiff alleges that throughout this period of time Barrick's public disclosure misrepresented the progress and feasibility of its Pascua-Lama project in Chile and Argentina and failed to disclose key information about the project. On April 10, 2013, a Chilean appeals court ordered Barrick to halt construction at the Pascua-Lama project citing environmental infractions. Subsequently, Barrick announced that it expected to take an after-tax impairment charge of $4.5 to $5.5 billion and that it was indefinitely suspending the Pascua-Lama project. Investors are alleged to have lost billions of dollars as a result of these misrepresentations and failures to disclose.

"Full, true and plain disclosure is the lifeblood of our capital markets and this action raises questions about Barrick's disclosure practices regarding its massive Pascua-Lama project" explains Jay Strosberg of Sutts, Strosberg LLP.

Kirk Baert of Koskie Minsky LLP states that "the plaintiff, on behalf of Barrick's investors, seeks an explanation and compensation for the significant losses he and other investors suffered as the challenges regarding the Pascua-Lama project have been revealed".

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