Scott+Scott Attorneys at Law LLP Alerts Investors to the Filing of Securities Class Action Against Sibanye Gold Limited (SBGL)
NEW YORK--(BUSINESS WIRE)--Jul 10, 2018--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Sibanye Gold Limited (NYSE: SBGL) (“Sibanye” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased Sibanyestock or securities between April 7, 2017 and June 26, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
Sibanye is a precious metals mining company that operates in South Africa, Zimbabwe, and the United States.
The lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) Sibanye’s safety protocols were inadequate to prevent a high rate of worker death; (ii) Sibanye’s mining supervisors routinely forced Company employees to work in unsafe and unlawful conditions; (iii) the foregoing issues would foreseeably subject Sibanye to heightened regulatory oversight; and (iv) as a result, Sibanye’s public statements were materially false and misleading at all relevant times.
On June 13, 2018, an article came out in the The Mercury entitled, “Mine puts profits before lives – claim,” stating that Sibanye’s mining supervisors forced and intimidated miners to work in dangerous conditions.
On this news, Sibanye’s share price fell $0.07, or 2.6%, to close at $2.56 on June 13, 2018.
On June 26, 2018, Bloomberg reported that “another worker was killed at [Sibanye’s] Driefontein operation in South Africa, bringing the total deaths at the company’s mines this year to 21.” The article also stated that Sibanye was “already the subject of an investigation by the chief inspector of mines.”
On this news, Sibanye’s share price fell $0.31, or 10.99%, to close at $2.51 on June 26, 2018.
Then, on June 27, 2018, Bloomberg reported that Citigroup Inc. cut its recommendation on Sibanye’s stock to neutral from buy, citing the Company’s “track record” from “an environmental, social and governance perspective, as well as the underlying investment risk that it holds[.]”
On this news, Sibanye’s share price fell another $0.26, or 10.36%, to close at $2.25 on June 27, 2018.
What You Can Do
If you purchased Sibanye shares or securities between April 7, 2017 and June 26, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at email@example.com. Investors have until August 27, 2018, to move for lead plaintiff.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT: Scott+Scott Attorneys at Law LLP
Joe Pettigrew, 844-818-6982
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Scott+Scott Attorneys at Law LLP
Copyright Business Wire 2018.
PUB: 07/10/2018 11:30 AM/DISC: 07/10/2018 11:30 AM