Welcome!

News Feed Item

Milberg LLP Announces Pendency of a Class Action Lawsuit Against Allied Nevada Gold Corp.

NEW YORK, April 4, 2014 /PRNewswire/ -- Milberg LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Nevada on behalf of purchasers of Allied Nevada Gold Corp. ("Allied Nevada" or the "Company) (NYSE MKT:ANV) common stock during the period between January 15, 2013 and August 5, 2014 (the "Class Period").

The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public.

Specifically, the complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects and failed to disclose adverse facts, including: (a) that one of its three impermeable leach pads, the Lewis leach pad, was beset with undisclosed operating defects and production deficiencies, including, but not limited to, an insufficient supply of fresh water to leach ore and an inadequate solution pumping and piping infrastructure; (b) that in order to remediate the operating defects and production deficiencies at the Lewis leach pad, the Company would need to double the amount of fresh water available at the facility, replace the existing irrigation tubing, piping and pumping infrastructure and seek various regulatory approvals; (c) that the recurring operating defects and production deficiencies at the Lewis leach pad were having a materially adverse effect on the Company's production costs and operating cash flows; (d) that the Company's operations were not generating the cash flow necessary to proceed with the construction of the Hycroft Mine mill; (e) that the costs to remediate the operating defects and production deficiencies at the Lewis leach pad were reasonably likely to have a material adverse effect on the Company's future production, production costs and cash flows; (f) that, while Allied Nevada's newly installed carbon columns increased its solution processing capacity, silver recovery from that process was approximately one-third of the Company's historical recovery rate; (g) that the Company's disclosure controls, and the certifications regarding those disclosure controls, were materially false and misleading; and (h) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about Allied Nevada's leach pad solutions processing capacity, the Hycroft Mine mill expansion, and the Company's expected gold and silver production and its expected operating income and cash flows.

Additionally, the complaint alleges that in August 2013, defendants revealed that the Company's production costs had soared, and would continue to do so, because of systemic operating defects at the Lewis leach pad. In response to these revelations, the price of Allied Nevada common stock plummeted over a two day period from $5.90 per share at the close of trading on August 5, 2013 to $3.73 per share on August 7, 2013, representing a drop of more than 40%.

If you purchased Allied Nevada shares during the Class Period you may, no later than June 2, 2014, request that the Court appoint you lead plaintiff.  A lead plaintiff is a class member that directs the litigation.  Your share in any recovery will not be affected by serving as a lead plaintiff.  You do not need to be a lead plaintiff to recover.  You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover.  If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel.  The complaint in this action was not filed by Milberg.

If you would like to learn more about this potential matter, please contact the following attorney:

SOURCE Milberg LLP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...