Barrick Gold Class Action - Koskie Minsky LLP, Sutts, Strosberg LLP and Groia & Company Professional Corporation File Statement of Claim Against Barrick Gold and Other Defendants

TORONTO, May 21, 2014 /CNW/ - On May 21, 2014, Koskie Minsky LLP, Sutts, Strosberg LLP and Groia & Company Professional Corporation, counsel in the Barrick Gold Corporation (TSX: ABX) securities class action, have filed a statement of claim in a $6 billion action against Barrick Gold Corporation and others. The claim alleges wrongdoing against Barrick Gold Corporation and its senior officers Aaron Regent, Jamie Sokalsky, Ammar Al-Joundi and Peter Kinver.

The detailed claim alleges there were misrepresentations in Barrick's public disclosure relating to Barrick's development of the Pascua-Lama mine located on the border between Chile and Argentina. In particular, Barrick publicly referred to this being a feasible and highly economic project due to the low cost to construct and produce gold and silver from the Pascua-Lama mine.  The claim alleges that Barrick knew or ought to have known that the significant costs to construct and produce gold and silver from this project would render it, at best, a speculative venture.

In addition, the defendants represented compliance with mandatory environmental conditions imposed on the Pascua-Lama mine and made statements that Barrick was safeguarding or protecting the environment and water surrounding the mine. The claim alleges that these representations were inaccurate, misleading or omitted key facts regarding Barrick's failure to comply with environmental conditions, regulation and permits, and regarding Barrick's failure to safeguard or protect the environment.

The action was commenced on behalf of Barrick Gold investors who acquired Barrick securities during the period from May 7, 2009 to November 1, 2013.

"The action raises serious questions about how Barrick Gold conducted its business and affairs and the manner in which it raised capital from public markets" explains Kirk Baert of Koskie Minsky LLP.

If you acquired Barrick Gold Corporation securities during the period from May 7, 2009 to November 1, 2013, please contact Koskie Minsky LLP at 1-888-723-4305 or email at [email protected].

Koskie Minsky LLP, based in Toronto, is one of Canada's foremost class action, labour, employment and litigation firms. Its class actions group has been a national leader in class actions and has prosecuted many of the leading cases in the area.

Sutts, Strosberg LLP is one of the preeminent class action law firms in Canada. It has been involved in many of the most important class action decisions in the country and has recovered more than $1.5 billion for its clients.

Groia & Company Professional Corporation is one of Canada's leading securities litigation boutiques, having worked on almost every major Canadian securities case: Asbestos, Bre-X, Cinar, Hollinger Inc., Philip Services, Proprietary Industries Inc., TD Waterhouse, Thomson Kernaghan, UBS, YBM, and Yorkton Securities.

SOURCE: Koskie Minsky LLP

Media contacts:

Kirk Baert
[phone]
[email protected]

Jay Strosberg
[phone]
[email protected]

Joseph Groia
[phone]
[email protected]