May be of interest to all: Class action suit filed for violationsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Golden Rule Resources Ltdÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ GNU
Shares issued 26,654,081ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Feb 23 close $0.95
Mon 23 Feb 98ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release
Mr Robert Roseman reports
A securities class action has been commenced in the US Districtÿ Courtÿ for theÿ Easternÿ District of Pennsylvania on behalf of those who purchased the common stock of Golden Rule Resources duringÿ theÿ periodÿ Octoberÿ 3ÿ 1996 through May 14 1997 (class period).
Golden Rule, directly and through its subsidiariesÿ whichÿ itÿ ownsÿ and/or controls,ÿ isÿ engaged in the exploration and development of precious metal properties in the US, Canada, Venezuela, and Ghana, West Africa.
The company operates exploration programs for its own account and on behalf ofÿ itsÿ jointÿ ventureÿ partners,ÿ itsÿ subsidiaries, affiliates and other clients on a contractual and consulting basis.
The complaint alleges that during the class period, Golden Rule, its senior executives, and the senior executives of related parties, violated sections 10 (b) and 20 (a) ofÿ theÿ Securitiesÿ Exchangeÿ Actÿ ofÿ 1934ÿ byÿ issuing materiallyÿ falseÿ andÿ misleadingÿ statementsÿ relatingÿ toÿ Golden Rule's business operations.
Specifically, theÿ complaintÿ allegesÿ inÿ substanceÿ thatÿ theÿ defendants misrepresented both the quantity and quality of gold finds in Golden Rule's mining operations in Ghana, whichÿ wereÿ conductedÿ throughÿ theÿ company's Hixon Gold Resources subsidiary.
The complaint further alleges that the defendantsÿ madeÿ andÿ causedÿ these materiallyÿ falseÿ andÿ misleadingÿ statementsÿ toÿ beÿ madeÿ inÿ orderÿ to artificially inflate Golden Rule's stock priceÿ soÿ thatÿ companyÿ insiders could sell their shares of company stock at artificially inflated prices.
The complaint further alleges that, when the truth concerningÿ theÿ results ofÿ miningÿ operations was revealed at the close of the class period on May 15 1997, the market price of Golden Rule's common stock, whichÿ hadÿ traded asÿ high as over $13 per share during the class period, plunged to under $3 per share at the close of the class period on May 20ÿ 1997,ÿ andÿ currently trades at approximately $0.75 per share.
The plaintiff seeks to recover damagesÿ onÿ behalfÿ ofÿ allÿ purchasersÿ of Goldenÿ Rule common stock during the class period. He is represented by the law firm, Spectorÿ &ÿ Roseman,ÿ PC,ÿ whichÿ hasÿ expertiseÿ inÿ prosecuting investorÿ classÿ actionsÿ and has extensive experience in actions involving financial fraud.
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I got this NR at 10:14 p.m. <est>... I'd say somebody is trying to stay unnoticed...ed |
