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Golden Star Resources Ltd. (NYSE: GSS) Investor Securities Class Action Lawsuit 04/01/2020

  • If you purchased shares of Golden Star Resources Ltd. (NYSE: GSS), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Golden Star Resources Ltd.
Security
NYSE: GSS

Case Name
Golden Star Resources Shareholder Class Action Lawsuit 04/01/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 14, 2020 - The case was voluntarily dismissed.

April 1, 2020 - An investor in shares of Golden Star Resources Ltd. (NYSE: GSS) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Golden Star Resources Ltd. in connection with certain allegedly false and misleading statements made between February 20, 2019 and July 30, 2019.

Canada based Golden Star Resources Ltd. operates as a gold mining and exploration company.

On Feb. 19, 2019, Golden Star Resources Ltd. announced its financial and operational results for the fourth quarter and full year ( FY ) ended December 31, 2018 and issued its guidance for its full year 2019.

On July 31, 2019, Golden Star Resources Ltd. reported its financial and operational results for the second quarter ended June 30, 2019 and revised its fully year 2019 guidance.

Shares of Golden Star Resources Ltd. (NYSE: GSS) declined from $4.97 per share on July 17, 2019 to as low as $2.68 per share on August 14, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Golden Star Resources Ltd. (NYSE: GSS) common shares between February 20, 2019 and July 30, 2019

, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 20, 2019 and July 30, 2019, the defendants made false and/or misleading statements and/or failed to disclose that the Company had insufficient geological and geotechnical data in its Prestea mine, that the Company had experienced deficiencies in its operating practices and mining methods including inaccurate long hole drilling and blasting in its Prestea mine, that the Company did not have the mining flexibility and more measured resources to ensure higher reserve grade, that the Company had experienced increased tonnage at much lower grade where it had to supplement some of the production with oxide material, that the Company had excessive dilution which drove lower mining rates at the Prestea mine, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times.