Harmony Gold Mining Company Limited

Case Details

Class Period:
April 25, 2007 – August 7, 2007
Date Filed:
April 16, 2008
Case Number:
1:08-cv-03653-BSJ-MHD
Jurisdiction:
Southern District of New York

Case Summary

The Complaint alleged that throughout the Class Period, Harmony Gold and its management knew and/or recklessly disregarded that the Company had materially misstated its financial results by deliberately and recklessly ignoring suspense accounts in the newly established and implemented Enterprise Resource Planning system, that resulted in more than $34.5 million in costs and other expenses that were not reported in the Company's quarterly financial results. After three years of litigation against this South African company, Saxena White P.A. successfully resolved the action and obtained a settlement fund in the amount of $9 million for Harmony Gold's shareholders. The Honorable Barbara S. Jones of the Southern District of New York granted final approval of settlement on November 10, 2011.