Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Kirkland Lake Gold Ltd. (KL)
The lawsuit seeks to recover damages for Kirkland Lake investors under the federal securities laws.
NEW YORK, June 30, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Kirkland Lake Gold Ltd. (“Kirkland” or the “Company”) (NYSE: KL) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Kirkland Lake between January 8, 2018 and November 25, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Kirkland Lake investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (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 Gold Corporation, 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; and (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. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Kirkland during the Class Period should contact the Firm prior to the August 28, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
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