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Message: Shareholder Investigation of Detour Gold Corporation

Morganti Legal, P.C. Announces Shareholder Investigation of Detour Gold Corporation

Morganti Legal,
TORONTO--(BUSINESS WIRE)--

Morganti Legal, P.C., a cross-border law firm that represents investors is investigating whether Detour Gold Corporation (DGC.TO) made negligent statements about its investment quality between April 9, 2013 and November 7, 2013.

On April 9, 2013, Detour Gold announced that it was reducing its 2013 production guidance to 350,000 ounces or down 12.5% from its previous target of up to 400,000 ounces. Thereon after and continuing until November 7, 2013, Detour Gold reduced its production guidance down to 240,000 to 260,000 ounces. On November 6, 2013, Detour Gold’s securities closed at $7.76 per share. On November 7, 2013, Detour Gold’s securities closed at $6.35 per share and in ten trading days the price dropped to $4.43.

Ultimately, Detour Gold only produced 232,287 ounces of gold, or over 45% from its revised target less than seven months earlier. Its annual cash costs materially exceeded its prior projections too. Detour Gold’s securities lost over 80% in value during 2013.

Morganti Legal, P.C. is evaluating possible legal claims on behalf of investors who purchased Detour Gold's securities between April 9, 2013 and November 6, 2013, concerning whether Detour Gold knew or reasonably should have known that its future gold production of 350,000 and 270,000 ounces were still overstated and did not truly reflect the management’s analysis of the then situation. All information tips from current and former employees and suppliers are kept confidential.

You may contact us toll-free at (888) 226-0845 or by email at [email protected] for further information. Morganti Legal, P.C. is a law firm that investigates, litigates and resolves economic and financial disputes. You may learn more about Morganti Legal, P.C., at www.morgantilegal.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

  • Commodity Markets
  • Company Legal & Law Matters
  • Detour Gold Corporation
Contact:
Morganti Legal, P.C.
Andrew Morganti, 888-226-0845
Managing Partner
[email protected]
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