In February and March 2012, lawsuits seeking class action status were filed in U.S. Federal court in New York and in the province of Ontario, respectively, claiming that Kinross made "materially false and misleading statements" related to the Company's Tasiast mine in advance of a Company news release on January 16, 2012.
It is not uncommon for class action litigation of this nature to be brought against a company following a period of volatility in its share price, which in this case occurred following the Company's January 16, 2012 news release.
On November 5, 2013, the Ontario Superior Court of Justice dismissed the plaintiffs' motions in the Canadian proceeding that sought leave to commence an action under the Ontario Securities Act in respect of the alleged misrepresentations and certification of their claims as a class action. The Court found that there was no possibility that the plaintiffs' claims under the Securities Act could succeed and dismissed the plaintiffs' motion to proceed as a class action. On December 17, 2014, the Court of Appeal for Ontario dismissed the plaintiffs' appeal and confirmed the Ontario Superior Court of Justice's rulings denying leave and certification.
Although the Judge in the U.S. proceeding dismissed the majority of the claims against Kinross, some claims still remain and the plaintiffs' motion for class certification has not been decided. Kinross believes that the allegations that have been made are without merit, and plans to continue vigorously defending that litigation.