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IN RE NOVAGOLD RESOURCES INC. SECURITIES LITIG.

No. 08 Civ. 7041 (DLC).

629 F.Supp.2d 272 (2009)

In Re NOVAGOLD RESOURCES INC. SECURITIES LITIGATION. This Document Relates to: All Actions.

United States District Court, S.D. New York.

June 5, 2009.

Attorney(s) appearing for the Case

Joseph A. Fonti, Benjamin D. Bianco, Labaton Sucharow LLP, New York, NY, for Lead Plaintiff New Orleans Employees' Retirement System.

Jack C. Auspitz, Jamie A. Levitt, Damion K.L. Stodola, Hilary M. Williams, Morrison & Foerster LLP, New York, NY, for Defendants NovaGold Resources, Inc., Galore Creek Mining Corporation, Rick Van Nieuwenhuyse, Robert J. MacDonald, Douglas Brown, Peter Harris, George Brack, Michael H. Halvorson, Gerald J. McConnell, Clynton R. Nauman, and James L. Philip.

Stephanie A. Nashban, Lewis Brisbois Bisgaard & Smith LLP, New York, NY, for Defendants Hatch Ltd. and Bruce Rustad.

Scott A. Edelman, Thomas A. Arena, Richard E. Rosberger, Milbank, Tweed, Hadley & McCloy LLP, New York, NY, for Defendants Citigroup Global Markets Inc., Citigroup Global Markets Canada Inc., Cormark Securities Inc., MGI Securities Inc., RBC Dominion Securities Inc., and Scotia Capital Inc.

OPINION AND ORDER

DENISE COTE, District Judge.

This action concerns an ambitious copper-gold mining project in a remote area of British Columbia, Canada undertaken by defendant NovaGold Resources, Inc. ("NovaGold"). NovaGold's decision to abandon the mining project because of spiraling capital costs, and the sharp decline in its stock price, have led to this putative securities class action lawsuit, which primarily challenges NovaGold's disclosures...

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