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2 law firms investigating potential securities claims against Katanga

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2 law firms investigating potential securities claims against Katanga

Rosen Law Firm and Strosberg Sasso Sutts LLP are separately investigating potential securities claims against Glencore Plc unit Katanga Mining Ltd., resulting from allegations that the company may have issued materially misleading business information to investors.

Rosen is also preparing a class action lawsuit to recover losses suffered by Katanga investors, the law firm said Nov. 21.

Recently, three Glencore executives resigned from Katanga's board after an internal review found "material weaknesses" in the company's financial reporting controls.

Katanga also restated its consolidated financial statements for 2016 and 2015, the audited restated consolidated statement of financial position as at Jan. 1, 2015, as well as the quarterly and full-year management analysis in 2015, 2016 and for this year.

The interim condensed financial statements for the three months ended March 31, 2017, and March 31, 2016, and the management discussion and analysis for these periods were also restated.

Since Nov. 20, the company's shares on the Toronto Stock Exchange have lost over 13% of their value, according to a separate same-day statement by Strosberg Sasso.

The Glencore unit is also facing investigation by the Ontario Securities Commission over US$100 million paid to a company owned by Israeli billionaire Dan Gertler, who was accused of bribing officials in the Democratic Republic of the Congo.