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Sibanye has a new problem: a shareholder class action suit
Law firm Bernstein Liebhard says the miner failed to disclose that 'its company culture places short-term profits over safety'
Sibanye-Stillwater’s share price has plummeted more than 75% in the past 16 months and the troubled miner now faces potential class action from a number of US law firms. US-based law firm Bernstein Liebhard announced on Thursday that it had filed a securities class action lawsuit on behalf of those who had purchased or acquired the securities of Sibanye Gold Limited (the legal name of Sibanye-Stillwater) between April 7 2017 and Tuesday this week. Over this period the company’s share price dropped from R34 a share to R8.33. The share was particularly hit on Tuesday when yet another employee died at a Sibanye-Stillwater mine, bringing the number of fatalities at the company to 21 in 2018. Despite the filing of the lawsuit the share price closed 2.3% higher on Thursday. After filing a class action it must then be certified by a US court. If it is not certified, the case is dismissed. Director of mining at Cadiz Corporate Solutions, Peter Major, warned threats of a class action were no...
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