Hagens Berman Sobol Shapiro LLP (“Hagens Berman”) ( http://www.hbsslaw.com) today reminded investors that it has filed a securities class-action lawsuit on behalf of purchasers of the common stock of Gold Resource Corp. (NYSE MKT: GORO) with an expanded class period of Jan. 30, 2012 through Nov. 8, 2012, inclusive.
The lawsuit, filed on Nov. 12, 2012, in the U.S. District Court for the District of Colorado alleges that Gold Resource Corp. violated the federal securities laws by issuing misleading statements to investors. Specifically, it claims that the company was aware of production problems at its El Aguila mining project in Oaxaca, Mexico, which would ultimately have a significant impact on its financial outlook, but failed to disclose the information to investors.
The suit also claims that the company’s production statistics were overstated during the class period and that it reported sales of product that were not actually delivered to customers.
On Nov. 8, 2012, the company announced that it would be forced to restate two of its financial statements, issued March 31, 2012, and June 30, 2012. The company’s stock price dropped $.50 per share on the news.This drop followed a 30 percent drop in the stock price on July 19, 2012, when the company initially disclosed production problems. It fell another 10 percent on Oct. 17, 2012, when the company confirmed that production issues had continued during the third quarter. Hagens Berman encourages investors who purchased GORO common stock between Jan. 30, 2012 and Nov. 8, 2012, and who suffered significant financial losses to contact the firm to discuss moving for lead plaintiff in the case. The deadline to move for lead plaintiff is Dec. 24, 2012. Karl Barth can be reached by calling (206) 623-7292 or by emailing GORO@hbsslaw.com. Any member of the proposed 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. Class members need not seek to become a lead plaintiff in order to share in any possible recovery.
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