Sibanye Gold Ltd. Securities Litigation

Linklaters won a victory for Sibanye-Stillwater and its CEO on when the U.S. District Court for the Eastern District of New York dismissed a putative securities class action suit in its entirety.

The purported class action was brought on behalf of a group of Sibanye ADR holders and was filed in the immediate wake of fatalities experienced in mid-2018 at the company’s South African mining operations. In dismissing the class action, the Court found that Plaintiffs failed to allege any violation of the U.S. securities laws, based principally on their failure to allege any materially false or misleading statements. The Court also found that Plaintiffs failed to establish that Sibanye and its CEO acted with fraudulent intent, or that Plaintiffs’ alleged losses were caused by the statements in question. Finally, the Court also denied Plaintiffs’ request to file a further amended complaint, finding that it would be futile.

The Linklaters team was led by New York partners James Warnot (Picture), Adam Lurie, and Brenda DiLuigi, who were supported by Senior U.S Associate Elizabeth Raulston, U.S. Associates Sean Mooney, Ellen Gong, and Aviva Kushner, as well as Senior Paralegals Casey Bell and Lescene Gibbons.

Involved fees earner: Brenda DiLuigi – Linklaters; Ellen Gong – Linklaters; Aviva Kushner – Linklaters; Adam Lurie – Linklaters; Sean Mooney – Linklaters; Elizabeth Raulston – Linklaters; James Warnot – Linklaters;

Law Firms: Linklaters;

Clients: Sibanye Gold;

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Author: Ambrogio Visconti