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Exploration and Kenneth Thomas, former Senior Vice President, Projects. On May 31, 2012, the Court selected
the City of Austin Police Retirement System (“City of Austin”) to be lead plaintiff. Pursuant to an order of the
Court, City of Austin filed an amended Complaint on July 23, 2012 (the “Amended U.S. Complaint”). The
Amended U.S. Complaint alleges among other things, that, between August 2, 2010 and January 17, 2012, the
Defendants inflated Kinross’ share price by knowingly or recklessly making material misrepresentations
concerning (i) the extent and quality of the due diligence Kinross performed prior to its acquisition of Red Back
and (ii) Kinross’ schedule for developing the Tasiast mine. Defendants filed a motion to dismiss the Amended
U.S. Complaint on September 7, 2012 and oral argument on the motion to dismiss took place on November 30,
2012. The parties are awaiting the Court’s ruling on the motion to dismiss, which Kinross expects to take place
during the first half of 2013. Defendants intend to vigorously defend against the Amended U.S. Complaint and
believe it is without merit.
A notice of action in a proposed class proceeding under Ontario’s Class Proceedings Act, 1992, was filed in the
Ontario Superior Court of Justice (the “Ontario Court”) on March 12, 2012, entitled Trustees of the Musicians’
Pension Fund of Canada v. Kinross Gold Corporation et al. (the “First Ontario Action”). A statement of claim in
the First Ontario Action was subsequently served on April 11, 2012. The Ontario Action named as defendants the
Company, Tye Burt, former President and CEO, Paul Barry, former Executive Vice President and Chief Financial
Officer, Glen Masterman, Senior Vice President, Exploration, and Kenneth Thomas, former Senior Vice President,
Projects. The First Ontario Action alleges, among other things, that Kinross made a number of
misrepresentations relating to the quantity and quality of gold ore at the Tasiast mine and the costs of operating
the mine, and th...
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This document was uploaded on 03/30/2014.
- Spring '14