On January 16, 2012, Kinross issued a press release announcing its preliminary 2011 results and 2012 outlook, noting that the Company's three major growth projects at Tasiast, Fruta del Norte and Lobo-Marte would require significant capital expenditures. In addition, the Company disclosed that due to its increased understanding of the Tasiast orebody, it had decided to conduct a comprehensive capital and project optimization process to efficiently advance development of the project and generate enhanced returns on capital. The press release also disclosed that, accordingly, the Company expected to record a material non-cash accounting charge, primarily relating to the goodwill recorded for the Tasiast mine, totaling $4.6 billion at September 30, 2011. As a result of the foregoing disclosures, the price of Kinross common stock fell approximately 19%, from $12.65 per share on January 13, 2012 to $10.27 per share on January 17, 2012.If you wish to serve as lead plaintiff, you must move the Court no later than April 16, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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. While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
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 firstname.lastname@example.org, 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.