|Five whistleblowers speak out against Barrick, court documents reveal|
Court documents filed by Labaton Sucharow LLP on August 2, 2013 related to a class action lawsuit on behalf of shareholders of Barrick Gold reveal the testimonies of five former Barrick employees. These confidential witnesses confirm that Barrick top management knew that construction at the Pascua Lama Project was contaminating nearby water sources and breaching environmental conditions that led to the suspension of the project. These witnesses also testify that at a time when the company was estimating that the Project's cost would be between $2.8 and $3 billion, Barrick already had in its possession an engineering report estimating costs for the Project at nearly twice that figure.
The law firm alleges that Barrick made false and misleading statements, and concealed material information relating to the cost and time-to-production projections of the Pascua Lama project, causing the shares of the company to trade at artificially high rates.
See the witness testimonies, compiled here.
Download the entire document here.