Kirkland Lake Gold Ltd.
Lead Plaintiff Deadline: 08/28/2020
SUMMARY OF CASE:
A securities class action has been filed against Kirkland Lake Gold Ltd. (KL) on behalf of all purchasers of Kirkland common stock between January 8, 2018 through November 25, 2019. This case has been filed in the USDC – S.D.N.Y.
The Complaint alleges that Kirkland made false and misleading statements to the public throughout the Class Period and failed to disclose that: (i) Kirkland lacked adequate internal controls over financial reporting, especially as it relates to its projections of risks, reserve grade, and all-in sustaining costs; (ii) the Company’s projections relating to its risks, reserve grade, and all-in sustaining costs were false and misleading in light of the impending acquisition of Detour; (iii) the Company’s financial statements and projections were not fairly presented in conformity with International Financial Reporting Standards; and (iv) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company’s business, operations, and prospects and/or lacked a reasonable basis and omitted material facts.
On November 25, 2019, the company announced that it had agreed to acquire Detour. On news of this acquisition, Kirkland’s shares fell from $47.62 per share to $39.44, a decline of $8.18, more than 17%.