Newmont in sights in class action

Three United States law firms have announced the filing of a class action suit against Newmont Mining (NEM-N) alleging misleading disclosure to the stock market.

The three firms, Lerach Coughlin of California, Schatz & Nobel of Connecticut, and Charles J. Piven of Maryland, allege that Newmont misled investors between July 2004 and the release of first-quarter earnings guidance in April 2005, by concealing underperformance by a number of Newmont gold mines.

Newmont has not yet responded publicly to the allegations in the suit, which was filed in U.S. District Court in Colorado.

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