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Case Status:    SETTLED
On or around 11/06/2009 (Date of order of final judgment)

Filing Date: June 12, 2003

The original complaint charges that defendants Barrick Gold Corporation and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between February 14, 2002 and September 26, 2002. For example, throughout the Class Period, Barrick assured the markets that it was improving its operations by keeping its production costs in check and that the Company expected to earn $0.42-$0.47 per share in 2002, even taking into account the phasing out of several mines and decreasing ore quality (which increases costs) in several of its mines. These representations were materially false and misleading, according to the complaint, because they failed to disclose that the Company's expected costs for the year would be well above the figures highlighted to the public, that Barrick's costs per ounce had increased dramatically in 2002 and would continue to increase throughout the year, and that the Company's repeated assurances that production and costs would continue to improve in 2002 were lacking in any reasonable basis and were contradicted by facts known to defendants, or, at the very least, recklessly disregarded by them. On September 26, 2002, the Company announced that it expects to earn materially less in 2002 than previously announced, due to increased costs stemming from production issues at several mines (which, the Company misleadingly represented during the Class Period, would be resolved in the second half of 2002). In reaction to the announcement, which came only days after the Company reiterated its positive expectations, Barrick's stock fell by 10.5% in one day, from $17.77 on September 25, 2002 to $15.90 on September 26, on extremely heavy trading volume.

On September 21, 2004, the Court entered the Stipulation and Order signed by Judge Richard M. Berman consolidating all actions and appointing James E. Alm, the Del Fornos and Yvette T. Houle as Lead Plaintiffs and Schiffrin & Barroway, LLP and Milberg Weiss Bershad Hynes & Lerach, LLP to act as Lead Counsel. On November 5, 2003, the plaintiffs filed a Consolidated and Amended Complaint, and the defendants responded by filing a motion to dismiss the Consolidated and Amended Complaint. On October 4, 2004, the Court entered the Order granting in part and denying in part the defendants’ motion to dismiss. On October 19, 2004, the plaintiffs filed a Second Amended Complaint, and a Third Consolidated Amended Complaint on January 6, 2005. The defendants filed a motion to dismiss the Third Consolidated and Amended Class Action Complaint, which was denied in part and granted in part by the Order entered on January 31, 2006. On March 10, 2006, the defendants filed a motion for reconsideration of the January 31, 2006 Order. On August 16, 2006, the Court issued a Stipulation and Order substituting Brower Piven for Milberg Weiss as a co-lead counsel for plaintiffs in the action. On December 13, 2006, the Court issued the Order denying the motion for reconsideration. On August 13, 2007, the plaintiffs filed a motion to certify the class.

According to an article dated March 15, 2008, on February 15, 2008, the U.S. District Court for the Southern District of New York granted class certification to a group of shareholders in a securities fraud class action.

On July 24, 2009, Judge Richard M. Berman signed the order preliminarily approving the proposed settlement in the amount of $24 million in cash. On November 6, 2009, Judge Berman approved the final settlement and dismissed the action with prejudice. On November 17, 2009, an Amended Judgment was filed.

According to the Order entered on April 19, 2010, the Co-Lead Counsel are awarded attorneys' fees in the amount of 20% of the Settlement Fund, and reimbursement of their out-of pocket litigation expenses in the amount of $1,059,743, with interest at the same rate and for the same periods as earned by the Settlement Fund. The final award of attorneys' fees and expenses granted herein, less the fees and expenses that the Court previously authorized Co-Lead Counsel to distribute (i.e., $1.8 million in fees and $750,000 in expenses), shall be deducted from the Settlement Fund.


Sector: Basic Materials
Industry: Gold & Silver
Headquarters: Canada


Ticker Symbol: ABX
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 03-CV-4302
JUDGE: Hon. Richard M. Berman
DATE FILED: 06/12/2003
CLASS PERIOD END: 09/26/2002
  1. Cauley Geller Bowman Coates & Rudman, LLP (New York)
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
  3. Schiffrin & Barroway LLP
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 03-CV-4302
JUDGE: Hon. Richard M. Berman
DATE FILED: 01/06/2005
CLASS PERIOD END: 09/26/2002
  1. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 ·
  2. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 ·
No Document Title Filing Date
—Related District Court Filings Data is not available