CASES
Agnico-Eagle Mines Limited
Class Period: Apr 29, 2011 to Oct 19, 2011
Lead Plaintiff Deadline: Jan 6, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") on behalf of all persons or entities that purchased Agnico-Eagle securities between April 29, 2010 to October 19, 2011. This case has been filed in the USDC - New York (Southern).
The Complaint alleges as follows: throughout the Class Period, defendants failed to disclose material adverse facts regarding the Company's overall operational and financial condition and well-being resulting from significant problems in the Company's mining operations and gold production at its Goldex mine in Val d'Or, Quebec. Defendants' failure to disclose these problems during the Class Period rendered Defendants' statements concerning the Company's financial condition and future prospects materially false and misleading.
Due to Defendants' course of conduct, the Company, among other things, was forced to announce on October 19, 2011 that it is suspending mining operations and gold production at the Goldex mine, effective immediately. The Company's announcement cited the receipt of an opinion from a second rock mechanics consulting firm that recommended that underground mining/ operations be halted until the situation is investigated further. This announcement caused the Company's stock price to plummet over 18% on unusually heavy trading volume.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.