Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Nevsun Resources, Ltd. (“Nevsun”) (AMEX: NSU) related to potential securities violations between February 31, 2011 and February 6, 2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Nevsun and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants’ statements during the Class Period were each materially false and misleading in that defendants knew or recklessly disregarded that: (a) Nevsun’s mining activities at the Bisha mine produced a material amount of waste rock, rather than gold ore; (b) defendants knew or had reason to know that the amounts of gold and gold ore recovered from the Bisha mine were materially less than Nevsun’s reserve estimate; (c) Nevsun was aware that its resource model was materially defective because the actual amounts of gold mined at Bisha did not reconcile with Nevsun’s previously disseminated reserve estimate; and (d) Nevsun materially overstated its gold reserves at the Bisha mine.
According to shareholder rights attorney Willie Briscoe, “The recent revelations about Nevsun’s possible misrepresentations regarding its business and financial status, including that it materially overstated its reserves are particularly troubling. This has led our firms to investigate possible breaches of fiduciary duties, and other violations of state law by Nevsun’s officers and directors. Based on our investigation, we are prepared to institute litigation to preserve the company and the value of Nevsun stock for all shareholders.”
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