This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:NovaGold Resources denies misinformation allegations 2009-10-22 19:29 ET - News Release Mr. Don MacDonald reports UPDATE ON NOVAGOLD LITIGATION NovaGold Resources Inc. is providing an update on litigation pending against the company.
In August, 2008, NovaGold, the Galore Creek Mining Corp. and certain of its officers and directors were named as defendants in a securities class action lawsuit filed in the United States District Court for the Southern District of New York. Similar complaints followed and were filed as a consolidated lawsuit on Dec. 22, 2008. The plaintiff alleged violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 on the basis of alleged misstatements and omissions in various public statements and filings made from Oct. 25, 2006, through Nov. 23, 2007, concerning NovaGold's Galore Creek project, and sought an unspecified amount of damages in an amount to be proven at trial.
On June 5, 2009, the court dismissed all of the plaintiff's claims under the Securities Act of 1933, dismissed all claims against the Galore Creek Mining, and dismissed certain claims against the company and its officers and directors under the Securities Exchange Act of 1934. The company disputes the claims that remain and intends to contest the action vigorously.
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