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Robbins Geller Rudman & Dowd LLP Announces a Securities Case Has Been Filed on Behalf of Purchasers of Sibanye Gold Ltd. SecuritiesRobbins Geller Rudman & Dowd LLP announces that a securities class action case was filed on behalf of purchasers of Sibanye Gold Limited (NYSE:SBGL) securities between April 7, 2017 and June 26, 2018 (the "Class Period"). This action was filed in the U.S. District Court for the Eastern District of New York and is captioned Brandel v. Sibanye Gold Ltd., No. 1:18-cv-03721 and is assigned to Judge Matsumoto. The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Sibanye securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff or have questions concerning your rights, please contact Brian Cochran of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [email protected]. Lead plaintiff motions must be filed with the court no later than 60 days from June 27, 2018. The complaint charges Sibanye and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by issuing materially false and misleading statements and/or failing to disclose adverse facts about the Company's business, operations, and prospects, including that Sibanye's culture placed short-term profits over safety and, as a consequence, almost half of South Africa's 2018 mining fatalities occurred in Sibanye's mines. As a result of this information being concealed from the market, Sibanye securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of more than $10 per share. On June 13, 2018, The Mercury published an article, entitled "Mine puts profits before lives," which stated that Sibanye suprvisors forced miners to work in dangerous conditions. According to the article, "[t]he tragic deaths of four gold miners at a Johannesburg mine have been blamed on a shift manager, accused of putting profits before lives. Angry workers claimed that the manager forced them to work in an abandoned underground shaft where they choked to death from a combination of gas and poor ventilation." On this news, the price of Sibanye shares fell nearly 3% to close at $2.56 per share on June 13, 2018. On June 26, 2018, Bloomberg (News - Alert) reported that "another worker was killed at [Sibanye's] Driefontein operation in South Africa, bringing the total deaths at the company's mines this year to 21," or "nearly half of the 46 people reported killed at South African mines in 2018," and that Sibanye "is already the subject of an investigation by the chief inspector of mines." This caused the price of the Company's shares to fall another 11%. Then on June 27, 2018, Bloomberg reported that Citigroup had cut their recommendation on Sibanye stock to neutral from buy, citing the Company's track record from "an environmental, social and governance perspective, as well as the underlying investment risk that it holds." According to Bloomberg, Citigroup was "concerned that Sibanye has taken 'unsustainable short-term measures' to boost earnings, including cutting capital spending and reducing management oversight, as well as mining high-grade pillars that were previously considered 'too dangerous' to exploit." On this news, Sibanye shares fell more than 8% on June 27, 2018. Robbins Geller is one of the world's leading law firms representing investors in securities litigation. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in both the amount recovered for shareholders and the total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.
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