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Case Status:    SETTLED
On or around 10/05/2016 (Date of order of distribution of settlement)

Filing Date: February 16, 2012

According to a press release dated February 16, 2012, the complaint charges the Company and certain of its officers and directors with violations of the Exchange Act.

The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statement regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that drilling results at on of the Company’s properties had exhibited high amounts of low-grade ores and that because of this the Company would need to modify its mining processes to help minimize operating costs and maximize profitability; (b) that, as a result of the foregoing circumstances, applicable accounting standards required the Company to record an impairment in the value of goodwill that the Company attributed to the property; (c) that the Company’s financial statements were not fairly presented in conformity with International Financial Reporting Standards and were materially false and misleading; and (d) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its business prospects and the property during the Class Period.

On January 16, 2012, the Company issued a press release announcing its preliminary 2011 results and 2012 outlook. The press release noted that the Company’s three major growth projects at several of its properties would require significant capital expenditures and that as a result of the Company’s increased understanding of the property’s orebody, the Company had elected to conduct a comprehensive capital and project optimization process to efficiently advance development of the project and generate enhanced returns on capital. The press release also disclosed that “[i]n view of the Company’s evolving understanding of [the property’s] project parameters, and market conditions, including industry-wide increases in capital and operating costs, the Company expects to record a material non-cash accounting charge, primarily relating to the goodwill recorded for the [the property’s] mine,” which totaled $4.6 billion at September 30, 2011. In response to the Company’s announcement, the price of its common stock plummeted nearly 19%, from $12.65 per share on January 13, 2012 to $10.27 on January 17, 2012.

On May 31, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.

On July 23, 2012, the Plaintiffs filed an amended complaint.

On March 22, 2013, the Court issued an Order granting in part and denying in part Defendant's motion to dismiss.

On March 26, 2015, the parties filed a Stipulation of Settlement. The Settlement was preliminarily approved by the Court on May 27. On October 15, the Court granted final approval of the Settlement and dismissed this case.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: KGC
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 #: 12-CV-01203
JUDGE:
DATE FILED: 02/16/2012
CLASS PERIOD START: 02/16/2011
CLASS PERIOD END: 01/17/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 12-CV-01203
JUDGE:
DATE FILED: 07/23/2012
CLASS PERIOD START: 08/03/2010
CLASS PERIOD END: 01/17/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard LLP (New York)
    10 East 40th Street, 22nd Floor, Bernstein Liebhard LLP (New York), NY 10016
    212.779.1414 212.779.1414 ·
  2. Klausner, Kaufman, Jensen & Levinson
    10059 Northwest 1st Court, Klausner, Kaufman, Jensen & Levinson, FL 33324
    954.916.1202 954.916.1232 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  4. Scott & Scott LLP (New York-Current)
    500 Fifth Avenue, 40th Floor, Scott & Scott LLP (New York-Current), NY 10110
    212.223.6444 212.223.6334 ·
No Document Title Filing Date