STEVENSON, MD--(Marketwire -03/30/12)- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Nevsun Resources Ltd. ("Nevsun" or the "Company") (AMEX: NSU - News) during the period between March 31, 2011 and February 6, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Nevsun common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 14, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that Nevsun's mining activities at its Bisha mine produced a material amount of waste rock, rather than gold ore, the amounts of gold and gold ore recovered from the Bisha mine were materially less than estimated by the Company's reserve estimate, and Nevsun materially overstated its gold reserves at the Bisha mine. According to the complaint, after, on February 7, 2012, Nevsun cut its 2012 production estimates approximately in half, telling investors that the "resource estimate used for mine planning over-estimated gold in portions of the Bisha mine, the value of Nevsun shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven
Brower Piven, A Professional Corporation