Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Kirkland Lake Gold Ltd. ("Kirkland" or the "Company") (NYSE: KL) between January 8, 2018, and November 25, 2019 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Kirkland securities, and/or would like to discuss your legal rights and options please visit Kirkland KL Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) Kirkland lacked adequate internal controls over financial reporting, especially as it relates to its projections of risks, reserve grade, and all-in sustaining costs; (ii) 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; (iii) the Company’s financial statements and projections were not fairly presented in conformity with International Financial Reporting Standards ("IFRS"); (iv) 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.
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’s shares declined 17%, to close at $39.44 on November 25, 2019, on unusually high trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 28, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Kirkland securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/kirklandlakegoldltd-shareholder-class-action-lawsuit-stock-fraud-281/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s "Plaintiffs’ Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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