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Lawsuit filed for Investors in shares of Kirkland Lake Gold Ltd. (NYSE: KL) over alleged Securities Laws Violations

07-15-2020 12:09 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Kirkland Lake Gold Ltd. (NYSE: KL) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Kirkland Lake Gold Ltd. (NYSE: KL) shares over alleged securities laws violations.

An investor, who purchased shares of Kirkland Lake Gold Ltd. (NYSE: KL), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Kirkland Lake Gold Ltd.

Investors who purchased shares of Kirkland Lake Gold Ltd. (NYSE: KL) have certain options and for certain investors are short and strict deadlines running. Deadline: August 28, 2020. NYSE: KL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On November 25, 2019, Kirkland announced that it would acquire Detour Gold Corporation ("Detour") for $3.68 billion. The deal was dilutive to Kirkland’s reserve grade: while Kirkland’s reserve grade was 25 g/t before the deal, Detour’s reserve grade was 0.96 g/t. Moreover, the deal would lead to a 30% increase in Kirkland’s all-in sustaining costs.

Shares of Kirkland Lake Gold Ltd. (NYSE: KL) declined from $49.78 per share on November 20, 2019 to as low as $37.75 per share on November 26, 2019.

The plaintiff claims that between January 8, 2018 and November 25, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Kirkland lacked adequate internal controls over financial reporting, especially as it relates to its projections of risks, reserve grade, and all-in sustaining costs, that as a result of the known, but undisclosed, impending acquisition of Detour Gold Corporation, the Company’s projections relating to its risks, reserve grade, and all-in sustaining costs were false and misleading, that the Company’s financial statements and projections were not fairly presented in conformity with International Financial Reporting Standards, and that 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. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of Kirkland Lake Gold Ltd. (NYSE: KL) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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