A Brooklyn, New York, Federal Court has dismissed with prejudice a putative securities class action suit seeking damages for allegedly false and misleading statements by Sibanye-Stillwater and its CEO, Neal Froneman, relating to safety incidents in 2018.

The class action, which was brought on behalf of all persons or entities that bought Sibanye-Stillwater American Depositary Receipts between February 23, 2017, and October 31, 2018, was filed shortly after the occurrence of fatal incidents at Sibanye-Stillwater’s South African gold operations in the first half of 2018.

The plaintiffs alleged that, in light of the fatalities, statements that the defendants made regarding safety were false and misleading and violated the US federal securities laws.

In dismissing the class action, the court found that the plaintiffs failed to allege any violation of the US securities laws, based on their failure to allege any materially false or misleading statements, the Johannesburg- and New York-listed precious metals mining company said in a media release to Engineering News & Mining Weekly.

The court also found that the plaintiffs failed to establish that the defendants acted with fraudulent intent, or that their alleged losses were caused by the statements in question. In doing so, the court denied the plaintiffs’ request to file a further amended complaint, finding that it would be futile, and directed the Clerk of the Court to enter judgment and close the case.

These court proceedings are thus concluded, subject to any further proceedings required in the trial court to finalise a judgment and any appeals that may be l odged.

“We’re extremely pleased with the outcome of the class action. We take the safety of our employees very seriously and ensuring a safe and enabling work environment is a primary focus throughout the group.