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Morgan & Morgan Announces Class Action on Behalf of Nevsun Investors (NYSEAMEX: NSU & TSE:NSU)

New York 4/30/2012 11:00 PM GMT (WooEB)

Morgan & Morgan announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of Nevsun Resources Ltd. (“Nevsun” or the “Company”).  The complaint, filed in the United States District Court for the Southern District of New York, alleges the Company issued materially false and/or misleading information between March 31, 2011 and February 6, 2012 (the “Class Period”), regarding Nevsun’s gold reserves in its Bisha Mine located in Eritrea.  The securities attorneys at Morgan & Morgan would like to hear from individuals who purchased Nevsun securities during this time period to determine if they have legal recourse to recover damages. To contact the firm for a free evaluation of your claim, please call (888) 601-0206 or e-mail securitieslaw@ForThePeople.com for more information.

The lawsuit alleges, among other things, that Nevsun knew but failed to disclose that its efforts at the Bisha Mine were producing a material amount of waste rock instead of gold ore. Further, the lawsuit alleges the Company failed to timely disclose that the gold ore extracted from the Bisha Mine was materially less than the amount estimated by its models.  On February 7, 2012, Nevsun issued a press release announcing that it had overstated its gold reserves at the Bisha Mine by 30-35%.

If you purchased Nevsun shares between March 31, 2011 and February 6, 2012, you may, no later than May 14, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint in this action was not filed by Morgan & Morgan. For more information please contact Morgan & Morgan, Five Penn Plaza, 23rd floor, New York, New York 10001 or by telephone at (888) 601-0206, or by email to securitieslaw@ForThePeople.com, or visit our website at www.ForThePeople.com.

About Morgan & Morgan

Morgan & Morgan is one of the nation’s largest 200 law firms. In addition to securities law, the firm also practices in the areas of personal injury, consumer protection, overtime, and product liability.  All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection and always fight “for the people.” For more information, please visit www.ForThePeople.com. 

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Contact:  
Morgan & Morgan, P.C.
Peter Safirstein, Esq.
888-601-0206

pressrelease@lawyercentral.com
www.forthepeople.com/

 

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