Nevsun Resources Ltd NSU Securities Stock Fraud

Company:	Nevsun Resources Ltd
Ticker Symbol:	NSU
Class Period:	Mar-31-11 to Feb-6-12
Date Filed:	Mar-14-12
Lead Plaintiff Deadline:	May-13-12
Court:	Southern District of New York
Allegations:

New York, NY: A securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the common stock of Nevsun Resources Ltd. ("Nevsun"or the "Company") between March 31, 2011 and February 6, 2012, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934.

Nevsun, together with its subsidiaries, engages in the acquisition, exploration, development and production of mineral properties, including the Bisha Property, a gold, copper, silver and zinc mine in Eritrea, Africa.

The Complaint alleges that defendants issued materially false and misleading statements and failed to disclose that: (i) Nevsun' mining activities at the Bisha mine produced a material amount of waste rock, rather than gold ore; (ii) the amounts of gold and gold ore recovered from the Bisha mine were materially less than estimated by the Company's reserve estimate, a situation which defendants knew or had reason to know based on data routinely collected throughout the Class Period from the Bisha mine; (iii) Nevsun was progressing through the ore body at the Bisha mine much more quickly than planned, in order to maintain gold production at a rate that would not reveal to investors that the amount of gold was materially less than the Company' estimate; (iv) the Company was aware that its resource model was materially defective because the actual amounts of gold mined at Bisha did not reconcile with the Company's reserve estimate previously disseminated to the investing public; and (v), Nevsun materially overstated its gold reserves at the Bisha mine.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Nevsun Resources Ltd NSU Securities Fraud Legal Help

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Published on Mar-15-12