Glancy Binkow & Goldberg LLP announces that all purchasers of the common stock of Nevsun Resources Ltd. (“Nevsun” or the “Company”) (AMEX:NSU) between March 31, 2011 and February 6, 2012, inclusive (the “Class Period”), have until May 14, 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 Southern District of New York. Nevsun engages in the acquisition, exploration, development and production of mineral properties, including the Bisha Property, a gold, copper, silver and zinc mine in Eritrea, Africa.
The Complaint alleges that defendants issued materially false and misleading statements and/or failed to disclose that: (i) Nevsun’s mining activities at the Bisha mine produced a material amount of waste rock, rather than gold ore; (ii) defendants knew or had reason to know that the amounts of gold and gold ore recovered from the Bisha mine were materially less than the Company reserve estimate; (iii) the Company was aware that its resource model was materially defective because the actual amounts of gold mined at Bisha did not reconcile with the Company's previously disseminated reserve estimate; and (iv), Nevsun materially overstated its gold reserves at the Bisha mine.
Any person or group who suffered a loss as a result of purchasing Nevsun common stock between March 31, 2011 and February 6, 2012, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than May 14, 2012. 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. If you wish to discuss this action or 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.
(310) 201-9150 or (888) 773-9224
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