WEST HARTFORD, CT--(Marketwire -03/16/12)- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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) between March 31, 2011 and February 6, 2012, (the "Class Period").
The Complaint alleges that Nevsun and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) Nevsun's mining at the Bisha Mine resulted in a material amount of waste rock, rather than gold ore; (ii) that gold ore and gold from the Bisha Mine was materially less than the amount estimated by the Company's model and defendants had reason to know this based on data routinely collected from the Bisha Mine throughout the Class Period; (iii) that Nevsun was progressing through the ore body much more quickly than planned in order to maintain gold production at a rate that would not reveal to investors that the amount of gold at the Bisha Mine was materially less than the Company's model; (iv) that Nevsun was aware that its model was materially defective because the actual amounts of gold mined at Bisha did not reconcile with the model previously disseminated; and (v) Nevsun materially overstated its gold reserves at the Bisha mine.
If you are a member of the class, you may, no later than May 14, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/nevsun/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.izardnobel.com.
- United States District Court