According to the Complaint, Pretium Resources, Inc. ("Pretium" or the "Company") acquires, explores, and develops precious metal resource properties in the Americas.
The Brucejack Project, or Brucejack Mine, is a mine located in northwestern British Columbia and is comprised of 4 mining leases and 6 mineral claims currently totaling 3,304 hectares in area. The Valley of the Kings zone is the “heart of the Brucejack Project.” This is the only material mineral project that Pretium is required to report under Canadian reporting regulations governing mineral properties. Therefore, the Brucejack Project is essential to Pretium’s business and to the public market valuation of the business.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that Defendants failed to disclose to investors: (1) that the Brucejack Project is not a high-grade, high-output mine; and (2) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
On April 8, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on June 21. Defendants filed a Motion to Dismiss the consolidated amended Complaint on August 27. On February 27, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.