TORONTO, March 12, 2012 /CNW/ - On March 12, 2012, a shareholder class action was commenced in Toronto against Kinross Gold Corporation and several of its senior officers. Kinross is a large gold mining company headquartered in Toronto, Ontario. The plaintiffs allege there were misrepresentations in Kinross's public disclosure relating to its Tasiast mine in Mauritania, Africa. Kinross had acquired the Tasiast mine in September 2010 as part of its acquisition of Red Back Mining Inc. The alleged misrepresentations include statements relating to the quantity and quality of gold ore at the Tasiast mine and the results of Kinross's drilling program at the mine.
The plaintiffs are the Trustees of the Musicians' Pension Fund of Canada. They have commenced this action on their own behalf and on behalf of all investors who purchased Kinross shares from February 16, 2011 through and including January 16, 2012 on the Toronto Stock Exchange or other secondary market in Canada. The plaintiffs seek billions of dollars on behalf of shareholders.
"Shareholders have lost billions of dollars as a result of management's repeated assurances that the mine in Mauritania was a viable mine with substantial reserves", said Kirk Baert, a partner with Koskie Minsky LLP in Toronto. "Now they want to write down $2.49 billion in goodwill just 18 months after the purchase of the mine. Something is very wrong here."
For further information:
or a copy of the notice of action, please contact Koskie Minsky LLP, counsel for the plaintiffs, at 1-855-595-2622 or at [email protected].
Visit www.kmlaw.ca for further information on Koskie Minsky LLP. Koskie Minsky LLP is one of Canada's leading class action firms.