| COMPANY |
Newmont Corporation |
| COURT |
United States District Court for the District of Colorado |
| CASE NUMBER |
1:25-cv-00341 |
| JUDGE |
The Hon. Daniel D. Domenico |
| CLASS PERIOD |
February 22, 2024 and October 23, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS APRIL 1, 2025.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit was filed on behalf of those who purchased or otherwise acquired Newmont Corporation (“Newmont”) (NYSE: NEM) securities between February 22, 2024, and October 23, 2024, inclusive (the “Class Period”.
The Class Period begin on February 22, 2024, when Newmont issued a press release announcing its fourth quarter and 2023 full year fiscal highlights. In the release, Newmont touted its strong fiscal 2023 and expected 2024 production and cost outlook. Specifically, Newmont indicated that “Newmont's 2024 outlook is supported by steady production from Newmont's managed Tier 1 and Emerging Tier 1 assets, and is further enhanced by the Company’s ownership in the Nevada Gold Mines and Pueblo Viejo joint ventures,” and that “Costs in 2024 are expected to remain in line with 2023.”
On October 23, 2024, Newmont announced its third quarter 2024 financial results and revealed disappointing earnings before interest, taxes, depreciation and amortization, in addition to decreased production and increased operating costs. On the corresponding earnings call, Newmont’s Executive Vice President and Chief Operating Officer revealed that mining operations at its two Tier 1 assets would see “lower than initially anticipated production next year due to lower throughput.” On the same call, Newmont’s President and Chief Executive Officer further revealed that Newmont continued to see “higher” direct and general and administrative costs. On this news, the price of Newmont common stock declined $8.49 per share, or approximately 14.7%, from a close of $57.74 per share on October 23, 2024, to close at $49.25 per share on October 24, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Newmont was not able to deliver increased gold production at its Tier 1 operations, specifically, Lihir and Brucejack; (2) Newmont had higher operating costs throughout its mining operations; and (3) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.