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Crystallex International Corporation may have misrepresented to investors its ability to obtain necessary permits to proceed with its mining operations in Venezuela.
Investigation Source (Case #08-cv-10631)
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- False And Misleading Statements
- Foreign Corporation
- Lead Plaintiff Not Chosen
Product or Service
- Investments
Injury Type
- Monetary Loss
Investigation Details
This is a securities fraud class action lawsuit against Crystallex International Corporation.
Crystallex is a Canadian-based gold producer with operations and exploration properties in Venezuela.
The class action complaint alleges that the Crystallex made several statements during the Class Period about Crystallex's Las Cristinas Gold Project located in Sifontes, Venezuela, and that the issuance of the required Venezuelan government permit in connection with that project was imminent. Crystallex, allegedly however, did not have a reasonable expectation that Crystallex would receive the required permit and that on April 30, 2008, the permit was, in fact, denied. On news that the permit was denied, the complaint alleges, Crystallex's stock fell roughly from a closing price of $1.68 on April 29, 2008, to a closing price of $0.91on April 30, 2008, on heavy volume.
Crystallex is a Canadian-based gold producer with operations and exploration properties in Venezuela.
The class action complaint alleges that the Crystallex made several statements during the Class Period about Crystallex's Las Cristinas Gold Project located in Sifontes, Venezuela, and that the issuance of the required Venezuelan government permit in connection with that project was imminent. Crystallex, allegedly however, did not have a reasonable expectation that Crystallex would receive the required permit and that on April 30, 2008, the permit was, in fact, denied. On news that the permit was denied, the complaint alleges, Crystallex's stock fell roughly from a closing price of $1.68 on April 29, 2008, to a closing price of $0.91on April 30, 2008, on heavy volume.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Crystallex International Corporation | Crystallex International Corporation is a gold mining company with properties in Venezuela. |