This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hagens Berman Files Securities Class Action On Behalf Of Purchasers Of Gold Resource Corporation Stock, Announces Expanded Class Period Of Jan. 30, 2012 Through Nov. 8, 2012

Hagens Berman Sobol Shapiro LLP (“Hagens Berman”) today announced the filing of a class-action securities lawsuit against Gold Resource Corporation ("GORO" or the "Company") (NYSE:GORO) alleging violations of the Securities Exchange Act of 1934 on behalf of purchasers of GORO common stock during the period from Jan. 30, 2012 through Nov. 8, 2012, (the "Class Period”) inclusive.

The case was filed in the United States District Court for the District of Colorado. A copy of the complaint may be obtained from Hagens Berman or from the court and is available on Hagens Berman’s website at http://hb-securities.com/cases/GORO.

The complaint alleges that, during the Class Period, the defendants made materially false and misleading statements to investors in violation of the securities laws by misrepresenting and failing to disclose significant production problems at the Company’s El Aguila mining project in Oaxaca, Mexico.

The complaint further alleges that the defendants materially overstated the Company’s reported production statistics, revenues and net income during the first and second quarters of 2012 by improperly including “sales” of product that were invoiced, but not actually delivered to the Company’s buyers.

On July 19, 2012, the company announced preliminary production results for the second quarter of 2012, and, for the first time, disclosed some of the serious production problems that were plaguing the Company, the lawsuit states. On the news, GORO shares dropped more than 30 percent from $24.99 to close at $17.34 per share.

On Oct. 17, 2012, the Defendants announced continuing production problems at the Company during the third quarter. The lawsuit claims this caused the Company’s stock to tumble again, down another 10 percent, from $20.15 per share to a close of $18.01 per share.

Finally, on Nov. 8, 2012, the Company shocked investors when it announced that:

1. Investors should no longer rely on its previously issued financial statements for the quarters ended March 31, 2012 or June 30, 2012;

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs