Glancy Binkow & Goldberg LLP announces that all purchasers of the securities of (“Gold Resource” or the “Company”) (NYSE MKT:GORO) between January 30, 2012 and November 8, 2012, inclusive (the “Class Period”), have until December 24, 2012 to file a motion with the Court to be appointed as lead plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the District of Colorado.
Gold Resource engages in the exploration and production of gold and silver in Mexico. The Complaint alleges that the Company misrepresented or failed to disclose that: (1) overly aggressive expansion of Gold Resource’s underground mining operations in first quarter 2012 had created operational difficulties at the Company’s El Aguila mining project in Mexico’s southern state of Oaxaca, which were lowering mine production; (2) the Company was mining in lower-grade zones of the deposit; (3) significant operational efficiency improvements were required, including electric power upgrades throughout the mine, expanded ventilation, and the ability to handle increased ground water at deeper mine levels, limiting the Company’s ability to mine higher-grade stopes; (4) decreases in long-hole stoping were forcing the Company to process more diluted development ore and mine from lower-grade areas of the deposit; (5) as a result of the foregoing, tonnes from stoping, as a percentage of milled ore, had decreased from an estimated year-to-date high of 55% during the first quarter 2012 to an estimated year-to-date low of 15% during the second quarter; and (6) during third quarter 2012 a dispute had arisen between the Company and the buyer of its metal concentrates, with the buyer claiming net adjustments (reductions) to the Company’s provisional third quarter 2012 invoices of approximately 2,300 gold equivalent ounces (or 10%).
If you purchased Gold Resource securities between January 30, 2012 and November 8, 2012, you may move the Court no later than December 24, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent Class member. To learn more about this action, or if you have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org,or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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