BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of a class consisting of all purchasers of the common stock of Gold Resource Corporation (“Gold Resource” or the “Company”) (NYSE MKT:GORO) between January 30, 2012 and November 8, 2012, inclusive (the “Class Period”).
“contained an error related to the impairment of certain receivables and should be restated.”
Gold Resource engages in the exploration and production of gold and silver in Mexico. The Complaint alleges that the Company misrepresented or failed to disclose significant operational difficulties at the Company’s El Aguila mining project in Mexico’s southern state of Oaxaca, and that the defendants materially overstated the Company’s reported production statistics, revenues and net income during the first and second quarters of 2012 by improperly including “sales” of product that were invoiced, but not actually delivered to the Company’s buyers.
On November 8, 2012, Gold Resource announced that the Company's financial statements for the first and second quarters of fiscal 2012 “contained an error related to the impairment of certain receivables and should be restated.” The Company further stated that it intends to “amend and restate financial statements and other financial information for the three months ended March 31, 2012 and the six months ended June 30, 2012.”
No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Gold Resource securities between January 30, 2012 and November 8, 2012, you have certain rights, and have until December 24, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.