Kirkland Lake Gold Ltd.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Kirkland Lake Gold Ltd. (“Kirkland” or the “Company”) (NYSE: KL) securities during the period from January 8, 2018 through November 25, 2019. Investors have until August 28, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) Kirkland lacked adequate internal controls over financial reporting, especially as it relates to its projections of risks, reserve grade, and all-in sustaining costs; (ii) the Company’s projections relating to its risks, reserve grade, and all-in sustaining costs were false and misleading in light of the impending acquisition of Detour; and (iii) the Company’s financial statements and projections were not fairly presented in conformity with International Financial Reporting Standards.
On November 25, 2019 — following months-long campaign of rosy projections relating to the Company’s key metrics — Kirkland announced that it entered into a definitive agreement to acquire all of the outstanding securities of Detour for $3.68 billion. On this news Kirkland’s shares fell $8.18, or 17.2%, to close at $39.44 per share on November 25, 2019.
If you acquired Kirkland securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.