Case Page

 

Case Status:    ONGOING    
On or around 10/03/2017 (Ongoing date of last review)

Filing Date: May 31, 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) Asanko Gold’s Mineral Resource Estimates are flawed; (2) some of Asanko Gold’s resources models exhibit signs that they have been “smeared,” which would cause estimates of their ore contents to be inflated; and (3) as a result, Asanko Gold’s public statements were materially false and misleading at all relevant times.

On June 30, 2016, hedge fund K2 & Associates published a report asserting, among other things that Asanko Gold’s gold resources “don’t add up” and appear to be over-inflated by a factor of two. On this news, shares of Asanko Gold fell $0.15 per share or over 3% to close at $3.81 per share on June 30, 2016, damaging investors. On May 31, 2017, research firm Muddy Waters published a report asserting, among other things, that: (1) Asanko Gold made investments based on flawed geology in Nkran, its satellite pits and Esaase that Muddy Waters believes “will never be recovered”; and (2) there are indicia that some of Asanko Gold’s resources models have been “smeared”, which would cause estimates of their ore contents to be inflated. On this news, shares of Asanko Gold fell $0.58 per share or over 31% to $1.29 per share during intraday trading on May 31, 2017 and were halted, further damaging investors.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: AKG
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: E.D. New York
DOCKET #: 17-CV-03280
JUDGE:
DATE FILED: 05/31/2017
CLASS PERIOD START: 10/24/2014
CLASS PERIOD END: 05/31/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
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