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17.04.2014 22:40
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PR Newswire
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FRANK & BIANCO LLP Announces Investigation of Allied Nevada Gold Corp.
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PR Newswire
NEW YORK, April 17, 2014
NEW YORK, April 17, 2014 /PRNewswire/ -- FRANK & BIANCO LLP is investigating possible securities fraud claims against Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (NYSE: ANV) and certain of its officers and/or directors, on behalf of purchasers of Allied Nevada's securities between January 18, 2013 and August 5, 2013, inclusive (the "Class Period").
The investigation concerns possible violations of the federal securities laws related to materially false and misleading statements or omissions of material information during the Class Period, regarding the concealment that certain equipment crucial to the Company's mining efforts suffered from serious, ongoing defects and deficiencies.
On April 30, 2013, the Company issued a press release announcing its financial results for the first quarter of 2013. The press release stated that (1) "uncommonly inclement weather" and increased mining costs had negatively impacted production costs and adjusted cash costs for the period; (2) the Company's previously announced plans to expand operations at its sole operating property, the Hycroft Mine in Nevada, would be revised to take effect in phases; and (3) Allied Nevada would sell 14 million shares of common stock to investors through a secondary public offering in order to fund capital expenditures at the Hycroft Mine, and for other corporate purposes.
Subsequently, on August 6, 2013, the Company issued a press release announcing that it would defer construction at the Hycroft Mine expansion project due in part to weak cash flow from operations. In addition, the press release announced disappointing earnings and increased costs for the second quarter of 2013, as well as reduced production and sales for the first half of 2013, due at least in part from metals not being released from the Company's Lewis leach pad as expected. On this news, the Company's stock price dropped $0.64 per share, or almost 15%, on heavy trading volume.
If you purchased Allied Nevada securities within the Class Period, and you wish to discuss this investigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
Contact:
FRANK & BIANCO LLP
Bridget Hamill
212-682-1853
800-497-8076
Investigations@frankandbianco.com
www.frankandbianco.com
SOURCE FRANK & BIANCO LLP
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