NEW YORK, Nov. 20, 2017 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Katanga Mining Limited (“Katanga” or the “Company”) (otcmkt:KATFF). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Katanga and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 20, 2017, Katanga announced the resignation of three executives of Glencore plc, Katanga’s parent company, from Katanga’s board of directors after an internal review found “material weaknesses” in the Company’s financial reporting controls. Katanga stated that questions about the “appropriateness” of certain of Katanga’s accounting practices arose during the course of an investigation by the Ontario Securities Commission (the “OSC”). The Company restated certain historical financial statements for the years 2015 and 2016, as well as the first quarter of 2017, and advised investors that “the Company’s previously filed consolidated financial statements for the years ended December 31, 2016, 2015 and 2014 and related MD&A [management’s discussion and analysis] and all interim consolidated financial statements and interim MD&A since December 31, 2014 should not be relied upon.” In addition, Katanga advised investors that “OSC enforcement staff is also investigating the adequacy of Katanga’s corporate governance practices and compliance with those practices and the related conduct of certain directors and officers of Katanga” and “Katanga’s risk disclosure in connection with applicable requirements under certain international bribery, government payment and anti-corruption laws.”
On this news, Katanga’s American depositary receipt price has fallen as much as $0.09, or 9%, during intraday trading on November 20, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:Robert S. Willoughby
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SOURCE Pomerantz LLP
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