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Case Status:    SETTLED
On or around 08/18/2015 (Date of order of distribution of settlement)

Filing Date: March 13, 2012

According to the law firm press release, the complaint alleges that throughout the Class Period the Company made materially false and misleading statements and failed to disclose that (a) Nevsun’s mining at the Bisha Mine resulted in a material amount of waste rock, rather than gold ore; (b) that gold ore and gold from the Bisha Mine was materially less than the amount estimated by the Company’s model and defendants knew or had reason to know this based on data routinely collected from the Bisha Mine throughout the Class Period; (c) that Nevsun was progressing through the ore body much more quickly than planned in order to maintain gold production at a rate that would not reveal to investors that the amount of gold at the Bisha Mine was materially less than the Company’s model; (d) that the Company was aware that its model was materially defective because the actual amounts of gold mined at Bisha did not reconcile with the Company’s model previously disseminated to the investing public; and (e) Nevsun materially overstated its gold reserves at the Bisha mine.

The complaint further alleges that on February 7, 2012, Nevsun shocked investors when, before the market opened, the Company issued a press release entitled “Nevsun 2012 Outlook Including Production Guidance,” in which the Company disclosed i) that it had materially overstated gold reserves at the Bisha Mine by 30-35%; ii) that the amount of gold to be produced in 2012 would be about half of what Nevsun previously represented to investors; and iii) that it would restate its proven reserves. On February 7, 2012, following these disclosures, Nevsun’s common shares declined in price by $1.94 per share on the NYSE Amex, from a closing price of $6.34 per share on February 6, 2012, to close at $4.40 per share on February 7, 2012, a decline of nearly 31% on heavy volume.

On June 28, 2012, the Court issued an Order granting the motion to consolidate, appointing lead plaintiff, and approving the selection of lead counsel.

On August 21, 2012, plaintiffs filed their consolidated class action complaint.

On September 27, 2013, the Court issued an Order denying the Defendants' motion to dismiss.

On May 1, 2014, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on October 6. On February 13, 2015, the Court issued a Judgment and ordered this case dismissed with prejudice.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: NSU
Company Market: American 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-01845
JUDGE:
DATE FILED: 03/13/2012
CLASS PERIOD START: 03/31/2011
CLASS PERIOD END: 02/06/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaplan Fox & Kilsheimer, LLP (New York)
    850 Third Avenue, 14th Floor, Kaplan Fox & Kilsheimer, LLP (New York), NY 10022
    212.687.1980 212.687.1980 ·
  2. Rigrodsky & Long, P.A. (Garden City)
    585 Stewart Avenue, Suite 304, Rigrodsky & Long, P.A. (Garden City), NY 11530
    (516) 683-3516 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 12-CV-01845
JUDGE:
DATE FILED: 08/21/2012
CLASS PERIOD START:
CLASS PERIOD END:
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date