Law firm Slater & Gordon Limited (ASX:SGH) has launched a shareholder class action against gold producer Newcrest Mining Limited (ASX:NCM).
Slater & Gordon advises the claim relates to Newcrest’s ASX release on 7 June 2013 which included production downgrades and asset write-downs.
The class action alleges Newcrest engaged in misleading and deceptive conduct and breached its continuous disclosure obligations.
Slater & Gordon says it has been retained by a significant number of retail and institutional shareholders and the losses claimed are substantial.
The law firm advises the claim has been brought on behalf of all persons who bought stock between 13 August 2012 and the close of trade on 6 June 2013.
Newcrest Mining narrowed its net profit to $44 million in the first half of the 2014 financial year.
