SOURCE: Izard Nobel LLP

February 21, 2012 17:27 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Kinross Gold Corporation

WEST HARTFORD, CT--(Marketwire - Feb 21, 2012) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Kinross Gold Corporation ("Kinross" or the "Company") (NYSE: KGC) between February 16, 2011 and January 17, 2012, inclusive (the "Class Period").

The Complaint alleges Kinross and certain of its officers and directors violated the federal securities laws by issuing materially false and misleading statement regarding the Company's business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the drilling results at the Kinross Tasiast property had exhibited high amounts of low-grade ores and that because of this the Company would need to modify its mining processes to help minimize operating costs and maximize profitability; (ii) that, as a result of the foregoing circumstances, applicable accounting standards required the Company to record an impairment in the value of goodwill that Kinross attributed to the Tasiast property; (iii) that the Company's financial statements were not fairly presented in conformity with International Financial Reporting Standards and were materially false and misleading; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its business prospects and the Tasiast property during the Class Period.

If you are a member of the class, you may, no later than April 16, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/kinross/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

Contact Information