Kinross Gold Corporation
This shareholder class action was commenced on March 12, 2012. It concerns allegations that the public filings of Kinross Gold Corporation contained false and misleading statements about Kinross’s Tasiast mine in West Africa. The plaintiffs allege that Kinross made a number of positive statements regarding the Tasiast mine from February 16, 2011 and leading up to a press release from Kinross on January 16, 2012. The January 16 press release indicated that the Tasiast mine would require significant capital expenditures in part because of Kinross’s “increased understanding of the Tasiast orebody”. The press release also stated that Kinross expected to record a material non-cash accounting charge, primarily related to the goodwill recorded for the Tasiast mine. That accounting charge was later revealed to be approximately $2.49 billion. The claim alleges that the January 16 announcement led to a significant drop in Kinross’s share price and billions of dollars in shareholder losses.
The proposed class of persons in this class action generally includes persons, including non-Canadians, who acquired Kinross shares in a Canada market such as the Toronto Stock Exchange between February 16, 2011 and January 16, 2012, inclusive.
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Koskie Minsky LLP represent the plaintiffs in this action.