Sibanye Sued for Fraud Over Safety Promises as Death Toll Climbs

Statements by executives at South African miner Sibanye Gold Ltd.’s committing the company to worker safety were a fraud that caused stock market losses, according to a shareholder lawsuit.

The complaint filed as the class action in Brooklyn federal court says the company violated U.S. securities laws by making “materially false and misleading” safety commitments in Securities and Exchange Commission disclosure forms. At least 21 miners have died working for Sibanye this year and the company is under investigation by the chief inspector of mines in South Africa.

Sibanye Chief Executive Officer Neal Froneman and Chief Financial Officer Charl Keyter ...