Shareholder Class Action Filed Against DRDGOLD Limited by the Law
Firm of Schiffrin & Barroway, LLP
RADNOR, Pa., June 21 /PRNewswire/ -- The following statement was issued today
by the law firm of Schiffrin & Barroway, LLP: 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
securities purchasers of DRDGOLD Ltd. (NASDAQ:DROOY)(f/k/a Durban Roodepoort
Deep, Limited)("DRD" or the "Company") between October 23, 2003 and February
25, 2005, inclusive (the "Class Period").
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
Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll
free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at .
The complaint charges DRD, Mark Wellesley-Wood and Ian Louis Murray with
violations of the Securities Exchange Act of 1934. More specifically, the
Complaint alleges that the Company failed to disclose and misrepresented the
following material adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the Company's South African operations,
specifically the North West Operations, were underperforming due to production
problems; (2) that the South African Rand was negatively impacting the
Company's operations; (3) that due to (1) and (2), DRD materially overstated
its net worth by failing to take timely writedowns; (4) that the Company lacked
the cash to adequately cover future commitments and continue as a going
concern; (5) that defendants' statements about the Company's growth and
progress were lacking in any reasonable basis when made.
On February 18, 2005, DRD announced that Company headline loss per share would
be more than 200 percent higher than the previous reporting period. Then, on
February 24, 2005, DRD released its interim financial results, which revealed
that the Company incurred and continued to incur significant losses and that
operations were in process of being restructured. On this news, the shares of
DRD fell by $0.38 per share, or 25 percent, on February 24, 2005, to close at
$1.11 per share.
Plaintiff seeks to recover damages on behalf of class members and is
represented by the law firm of Schiffrin & Barroway, which prosecutes class
actions in both state and federal courts throughout the country. Schiffrin &
Barroway is a driving force behind corporate governance reform, and has
recovered billions of dollars on behalf of institutional and individual
investors from the United States and around the world. For more information
about Schiffrin & Barroway, or to sign up to participate in this action online,
please visit http://www.sbclasslaw.com/ If you are a member of the class described above, you may, not later than
August 22, 2005 move the Court to serve as lead plaintiff of the class, if you
so choose. 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 Schiffrin & Barroway, or other counsel of your
choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq., or Darren J. Check, Esq., both of Schiffrin & Barroway, LLP, 1-888-299-7706, or +1-610-667-7706, Web site: http://www.sbclasslaw.com/
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