Rigrodsky & Long, P.A. announces that a lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Kinross Gold Corporation (“Kinross” or the “Company”) (NYSE: KGC) between February 16, 2011 and January 17, 2012 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to email@example.com, or at http://www.rigrodskylong.com/investigations/kinross-gold-corporation-kgc.
Kinross engages in mining and processing of gold ores in the Americas, Africa and the Russian Federation. The Complaint names Kinross and certain of the Company’s officers as defendants, and alleges that during the Class Period, defendants made materially false and misleading statements concerning the Company’s business and prospects. Specifically, the Complaint alleges defendants misrepresented and/or failed to disclose the following that: drilling results at the Kinross Tasiast property had exhibited high amounts of low-grade ores and that the Company would, therefore, need to modify its mining processes to help minimize operating costs and maximize profitability; as a result of the foregoing, applicable accounting standards required the Company to record an impairment in the value of goodwill that Kinross attributed to the Tasiast property; the Company's financial statements were not fairly presented in conformity with International Financial Reporting Standards and were, therefore, materially false and misleading; and defendants lacked a reasonable basis for their positive statements about the Company, its business prospects and the Tasiast property during the Class Period.