NEW YORK, Aug. 18, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Sibanye (“Sibanye” or the “Company”) (: SBGL) and certain of its officers. The class action, filed in United States District Court, Eastern District of New York, and docketed under 18-cv-03902, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Sibanye securities between April 7, 2017 through June 26, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Sibanye securities between April 7, 2017, and June 26, 2018, both dates inclusive, you have until August 27, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Sibanye operates as a precious metals mining company in South Africa, Zimbabwe, and the United States.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Sibanye’s safety protocols were inadequate to prevent a high rate of worker death; (ii) Sibanye’s mining supervisors routinely forced Company employees to work in unsafe and unlawful conditions; (iii) the foregoing issues would foreseeably subject Sibanye to heightened regulatory oversight; and (iv) as a result, Sibanye’s public statements were materially false and misleading at all relevant times.
On June 13, 2018, pre-market, The Mercury published an article entitled, “Mine puts profits before lives – claim,” stating that Sibanye’s mining supervisors forced and intimidated miners to work in dangerous conditions.
On this news, Sibanye’s share price fell $0.07, or 2.6%, to close at $2.56 on June 13, 2018.
On June 26, 2018, Bloomberg 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.” According to the article, Sibanye “accounts for nearly half of the 46 people reported killed at South African mines in 2018 and is already the subject of an investigation by the chief inspector of mines.”
On this news, Sibanye’s share price fell $0.31, or 10.99%, to close at $2.51 on June 26, 2018.
Then, on June 27, 2018, pre-market, Bloomberg reported that Citigroup Inc. cut its recommendation on Sibanye’s 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[.]”
On this news, Sibanye’s share price fell $0.26, or 10.36%, to close at $2.25 on June 27, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 9980