Allied Nevada Gold Corp. (NYSEMKT:ANV) Shareholder Class Action Lawsuit

An investor filed a lawsuit in the U.S. District Court for the District of Nevada. The investor had purchased shares of Allied Nevada God Corp. (NYSEMKT: ANV) and alleged that Allied Nevada Gold Corp. violated Federal Securities Laws. NYSEMKT: ANV allegedly made false and misleading statements between January 18, 2013 and August 5, 2013.

If you have purchased shares of Allied Nevada Gold Corp. (NYSEMKT:ANV) between January 18, 2013 and August 5, 2013, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  06/02/2014

The plaintiff, according to the complaint, alleges on behalf of all persons or entities who bought or otherwise acquired securities of Allied Nevada Gold Corp. (NYSEMKT: ANV) between January 18, 2013 and August 5, 2013 were victims of violations of Federal Securities Laws pursuant to sections 10(b) and 20(a) of the 1934 as well as Rule 10b-5 promulgated thereunder.

The plaintiff claims that between January 18, 2013 and August 5, 2013 the defendants issued allegedly false and misleading statements about Allied Nevada Gold Corporation’s financial performance and future prospects. They also allegedly failed to disclose adverse facts including the fact that one of its three impermeable leach pads named Lewis Leach, was beset with undisclosed operating defects. The other production deficiencies include, but are not limited to an insufficient supply of fresh water to leach ore and an inadequate solution pumping and piping infrastructure. The plaintiff also demands that Allied Nevada Gold Corp. seek various regulatory approvals because the recurring operating defects and production deficiencies at the Lewis Leach pad were having materially adverse effects. These effects influenced the company’s production costs and operating cash flows. The company’s operations were not generating the necessary cash flow and therefore were not able to proceed with the Hycroft Mine Mill construction project. 

The company’s disclosure controls and the certifications were materially false and misleading. The defendants lacked a reasonable basis for their positive statements regarding Allied Nevada’s leach pad solutions processing capacity. Allied Nevada Gold Corps stated that it would suspend its planned expansion at the Hyroft Mine indefinitely. Their shares declined to $3.73 per share on August 7, 2013. They continued to decline to a low of $3.07 per share in December 2013.

Own shares of Allied Nevada Gold Corp. (NYSEMKT:ANV)? Contact us to protect your rights.

If you have purchased shares of Allied Nevada Gold Corp. (NYSEMKT:ANV) between January 18, 2013 and August 5, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

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