(New York, NY) – Newmont Corporation (NYSE: NEM), one of the world’s largest gold mining companies, is facing a class action securities lawsuit filed by Levi & Korsinsky LLP. The lawsuit aims to recover losses suffered by shareholders due to alleged securities fraud during the period between February 22, 2024, and October 23, 2024.
The Allegations
According to the complaint, Newmont misled investors regarding the production and cost guidance of its two Tier 1 mining operations. On October 23, 2024, the company published a press release announcing lower-than-expected EBITDA for Q3 2024, driven by decreased production and higher operating costs. The company disclosed that its Tier 1 assets would underperform original production targets while operating at elevated expenses.
The market reacted sharply to the disappointing announcement. Newmont’s stock price plummeted from a closing price of $57.74 per share on October 23 to $49.25 on October 24, representing a 14.7% decline in a single trading session.
About Levi & Korsinsky LLP
Levi & Korsinsky LLP is a nationally recognized securities litigation firm with a 20-year track record of successfully representing aggrieved shareholders. The firm has secured hundreds of millions of dollars in settlements and consistently ranks in the ISS Securities Class Action Services’ Top 50 Report. With a team of over 70 legal professionals, Levi & Korsinsky specializes in high-stakes securities cases, providing robust legal representation to investors.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Past legal outcomes do not guarantee similar future results.
