Skip to Content

Kirkland Lake Gold Ltd.

Company NameKirkland Lake Gold Ltd.
Stock SymbolKL
Class PeriodJanuary 08, 2018 to November 25, 2019
Lead Plaintiff Motion DeadlineAugust 28, 2020

On November 25, 2019, Kirkland announced that it would acquire Detour Gold Corporation (“Detour”) for $3.68 billion. The deal was dilutive to Kirkland’s reserve grade: while Kirkland’s reserve grade was 25 g/t before the deal, Detour’s reserve grade was 0.96 g/t. Moreover, the deal would lead to a 30% increase in Kirkland’s all-in sustaining costs.

On this news, the Company's share price fell as much as $8.18, or over 17%, to close at $39.44 per share on November 25, 2019. 

The complaint filed in this class action 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 failed to disclose to investors: (1) that Kirkland lacked adequate internal controls over financial reporting, especially as it relates to its projections of risks, reserve grade, and all-in sustaining costs; (2) that as a result of the known, but undisclosed, impending acquisition of Detour Gold Corporation, the Company’s projections relating to its risks, reserve grade, and all-in sustaining costs were false and misleading; (3) that the Company’s financial statements and projections were not fairly presented in conformity with International Financial Reporting Standards; and (4) that based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s business, operations, and prospects and/or lacked a reasonable basis and omitted material facts.

 

Submit Your Information

If you suffered a loss on your Kirkland Lake Gold Ltd. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

Shares Purchased

Number of SharesBuy DatePrice Per ShareAdd

Shares Sold

Number of SharesSell DatePrice Per ShareAdd