SOURCE: Shareholders Foundation

Shareholders Foundation

February 19, 2013 09:33 ET

Gold Resource Corporation (GORO) Investor Lawsuit Against Directors Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Feb 19, 2013) - The Shareholders Foundation, Inc. announces that an investor in shares of Gold Resource Corporation (GORO) filed a lawsuit against certain directors and officers of Gold Resource Corporation over alleged breaches of fiduciary duty, abuse of control, and gross mismanagement.

If you are a current long-term stockholder of Gold Resource Corporation (GORO) shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The plaintiff alleges the defendants' actions have caused, and will continue to cause substantial financial and reputational damage to Gold Resource Corporation.

The company is engaged in the exploration for and production of gold and silver. The plaintiff claims that the defendants breached their fiduciary duties owed to Gold Resource Corporation and its shareholders by causing the Company to release allegedly false and misleading statements regarding the production at the El Aguila project, which is the only property that currently produces gold, overbilling customers for product that the Company never delivered and failing to implement adequate internal financial controls.

On July 19, 2012, according to the lawsuit, defendants finally permitted Gold Resource Corporation to make a partial disclosure, which revealed some of the production issues at the El Aguila project. Finally, according to the plaintiff, on November 8, 2012, defendants acknowledged that their statements were in fact materially false and misleading.

Shares of Gold Resource Corporation declined from as high as $27.46 in February 2012 to as low as recently under $14 per share.

Those who are current long term stockholders of Gold Resource Corporation shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108