Dallas, Texas 04/23/2014 (FINANCIALSTRENDS) – Allied Nevada Gold Corp. (NYSEMKT:ANV), the once success story of gold stocks is definitely in the midst of controversy with allegations of fraud raised against it. The result of a lot of bad press did have its impact on the stock performance at Monday’s trading as well, dropping downwards by close to 6.6%, and price closing down at $3.39.
Under investigation again
In the first week of April,Allied Nevada Gold Corp. (NYSEMKT:ANV) was brought under the scanner by Cohen Milstein Sellers & Toll Pllc, with the latter beginning investigations over the former, for fraudulent practices.
Just three weeks down, another financial firm too will begin investigations into Allied Nevada Gold Corp. (NYSEMKT:ANV) alleged practices.
This time the company conducting the investigations is – Frank &Bianco LLP. According to the company, “The investigation concerns possible violations of the federal securities laws related to materially false and misleading statements or omissions of material information during the Class Period, regarding the concealment that certain equipment crucial to the Company’s mining efforts suffered from serious, ongoing defects and deficiencies.”
The investigations are to be executed for shareholders during the period of January 18 and August 5, 2013. The stock had begun to see movement downwards after the investigations have begun with Allied Nevada Gold Corp. (NYSEMKT:ANV).
Receives Analyst recommendation: HOLD
Allied Nevada Gold Corp. (NYSEMKT:ANV) with the spate of movement on the stock market was sure to attract analyst attention. This has led to the company beginning to discussed and researched with consensus conclusions. This meant that the conclusion of HOLDrating, will now mean the company will indicate strength, as well as weakness, while the evidence will be to justify positive as well as negative performance with the stock beginning to perform in line with other stocks in the sector or industry.
