New York, New York--(Newsfile Corp. - July 31, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Kirkland Lake Gold Ltd. ("Kirkland Gold" or the "Company") (NYSE:KL) of the August 28, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Kirkland Gold stock or options between January 8, 2018 and November 25, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/KL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Kirkland Gold stock or options between January 8, 2018 and November 25, 2019 (the "Class Period"). The case, Brahms V. Kirkland Lake Gold Ltd. et al, No. 20-cv-04953 was filed on June 29, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and failing to disclose to investors that: (1) Kirkland lacked adequate internal controls over financial reporting, especially as it relates to its projections of risks, reserve grade, and all-in sustaining costs; (2) as a result of the known, but undisclosed, impending acquisition of Detour, the Company's projections relating to its risks, reserve grade, and all-in sustaining costs were false and misleading; (3) the Company's financial statements and projections were not fairly presented in conformity with International Financial Reporting Standards ("IFRS"); (4) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company's business, operations, and prospects and/or lacked a reasonable basis and omitted material facts.
Specifically, on November 25, 2019 - following months-long campaign of rosy projections relating to the Company's key metrics - Kirkland announced that it entered into a definitive agreement to acquire all of the outstanding securities of Detour for $3.68 billion.
On this news, Kirkland Gold's stock fell from a closing price of $47.62 on November 22, 2019 to $39.44 on November 25, 2019-a $8.18 or 17.18% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Kirkland Gold's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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