|[April 08, 2014]
Goldman Scarlato Karon & Penny, P.C. Announces Investigation of Allied Nevada Gold Corp.
WAYNE, Pa. --(Business Wire)--
Goldman Scarlato Karon & Penny, P.C. (the "Firm") has begun an
investigation into Allied Nevada Gold Corp. (NYSE MKT: ANV) to determine
whether Allied Nevada violated federal securities laws by
misrepresenting the state of its operations and improperly concealing
that certain equipment crucial to the its mining efforts suffered from
serious, ongoing defects and deficiencies between January 18, 2013 and
August 5, 2013, inclusive.
On April 30, 2013, Allied Nevada announced disappointing results for the
first quarter of 2013, attributing the miss to inclement weather and
rising input costs. It also revealed that previously announced plans to
expand operations at its sole operating property, the Hycroft Mine in
Nevada, would be revised to take effect in phases. In addition, it
announced that it would sell 14 million shares of common stock to
investors through a secondary public offering to fund capital
expenditures t the Hycroft Mine and for other corporate purposes.
Then, on August 6, 2013, Allied Nevada announced that it would defer
construction at the Hycroft Mine expansion project due to operating
defects in the infrastructure, which would require costly remedies.
Allied Nevada attributed the decision to halt the project to the
discovery in May and June 2013 of poor operational decisions made in
late 2012 and early 2013.
Allied Nevada's stock price fell sharply in connection with each of
these revelations, causing shareholders to incur significant losses.
What You May Do
If you have information that would assist the Firm in its investigation
or would like to discuss your legal rights, you may, without obligation
or cost to you, contact the Firm by email at email@example.com
or by telephone at (484) 580-8740. The Firm encourages anyone with
information regarding Allied Nevada's conduct during the period in
question to contact the Firm, including whistleblowers, former
employees, shareholders, and others.
About Goldman Scarlato Karon & Penny, P.C.
The Firm prosecutes securities fraud, consumer fraud, price-fixing,
ERISA class actions, and shareholder-derivative actions throughout the
U.S. The Firm's lawyers have recovered hundreds of millions of dollars
on behalf of consumers, investors, and businesses.
To learn more about the Firm, you may visit www.gskplaw.com.
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