On or around 03/26/2019 (Other)
Filing Date: February 15, 2017
According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Northern Dynasty’s Pebble project is commercially unviable; (2) Northern Dynasty’s Pebble project had a negative present value; and (3) as a result, Defendants’ statements about Northern Dynasty’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times. On February 14, 2017, Kerrisdale Capital Management published a report asserting that Northern Dynasty’s Pebble Project is commercial unviable and Northern Dynasty has spent years trying to conceal from public that its Pebble project had a negative present value. On this news, shares of Northern Dynasty fell $0.68 per share or over 21% to close at $2.50 per share on February 14, 2017, damaging investors.
On June 6, 2017, the Court issued an Order appointing Lead Plaintiff and Lead Counsel. Lead Plaintiffs filed an amended Complaint on September 12. A corrected version of this complaint was filed on October 11.
Defendants filed a Motion to Dismiss the amended Complaint on December 11. On April 30, 2018, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended Complaint. Plaintiffs filed a second amended Complaint on June 18. Defendants filed a Motion to Dismiss the second amended Complaint on August 24. On February 22, 2019, the Court granted Defendants' Motion to Dismiss. Lead Plaintiffs filed a Notice appealing the Court's Dismissal Order on March 21.
Company & Securities Information
Defendant: Northern Dynasty Minerals Ltd.
Sector: Basic Materials
Industry: Metal Mining
Ticker Symbol: NAK
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.
First Identified Complaint
Victor Diaz, et al. v. Northern Dynasty Minerals Ltd., et al.