SOURCE: Stull, Stull & Brody

June 23, 2005 14:26 ET

Stull, Stull & Brody Announces Class Action Against DRDGOLD Limited

NEW YORK, NY -- (MARKET WIRE) -- June 23, 2005 -- Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York, on behalf of all persons who purchased the publicly traded securities of DRDGOLD Limited, formerly known as Durban Roodepoort Deep, Limited ("DRDGOLD" or the "Company") (NASDAQ: DROOY) between October 23, 2003 and February 24, 2005, inclusive (the "Class Period").

The complaint alleges that DRDGOLD and certain of its officers and directors violated federal securities laws. Specifically, defendants made numerous statements regarding: (i) the successful restructuring of the Company's North West Operations in South America; (ii) the Company's ability to reduce the negative impact of the increasing value of the Southern African Rand versus the U.S. Dollar; and (iii) the increasing strength of the Company's balance sheet. In truth, the Company's problems with its North West Operations were never fully resolved and resulted in the Company being forced to record an impairment charge for the full value of its mining assets there. Despite representations to the contrary, DRDGOLD continued to be negatively impacted by the increasing value of the South African Rand. Further, these problems resulted in the Company being forced to announce that it might not be able to operate as a going concern. When this information was belatedly disclosed to the public, shares of DRDGOLD fell more than 25%.

If you acquired DRDGOLD securities between October 23, 2003 and February 24, 2005, you may, no later than August 12, 2005, request the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at

Contact Information