Newmont Leaders Sued by Investor Over Mining Production Claims

Newmont Corp. leaders misled investors about gold and other mineral production, costing the top mining company after it announced disappointing third quarter of 2024 fiscal results and the stock plummeted, a shareholder derivative lawsuit said.

Top brass forced Newmont to buy back almost 3.8 million of its own artificially inflated shares, costing nearly $198 million in August and September 2024, said Tyler Gunderson’s complaint filed in the US District Court for the District of Colorado. Newmont overpaid by more than $11 million, Gunderson’s Feb. 21 complaint said. And Newmont chief executive officer Tom Palmer gained over $3 million through insider ...