Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/kinross/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Kinross Gold Corporation (“Kinross”) (NYSE:KGC) common stock during the period between February 16, 2011 and January 17, 2012, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/kinross/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Kinross and certain of its officers and directors with violations of the Exchange Act. The Company, together with its subsidiaries, engages in mining and processing of gold ores. The Company’s gold production and exploration activities are carried out principally in the Americas, Africa and the Russian Federation.
The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statement regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the drilling results at the Kinross Tasiast property had exhibited high amounts of low-grade ores and that because of this the Company would need to modify its mining processes to help minimize operating costs and maximize profitability; (b) that, as a result of the foregoing circumstances, applicable accounting standards required the Company to record an impairment in the value of goodwill that Kinross attributed to the Tasiast property; (c) that the Company’s financial statements were not fairly presented in conformity with International Financial Reporting Standards and were materially false and misleading; and (d) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its business prospects and the Tasiast property during the Class Period.