LEad Plaintiff Deadline is APRIL 25, 2022
NEW YORK, March 15, 2022legal /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of investors who purchased Gatos Silver, Inc. (NYSE: GATO) (the "Company"):
- pursuant and/or traceable to the Registration Statement issued in connection with the Company's initial public offering (the "IPO" or "Offering") conducted on or about October 28, 2020; and/or
- between October 28, 2020 and January 25, 2022, inclusive (the "Class Period"), of the important April 25, 2022 lead plaintiff deadline.
All investors who purchased the shares of Gatos Silver, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in Gatos Silver, Inc., you may, no later than April 25, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Gatos Silver, Inc.
PLEASE CLICK HERE TO JOIN THE CASE
According to the filed complaint, defendants failed to disclose to investors that:
- the technical report for Gatos Silver's primary mine, the Cerro Los Gatos deposit, contained certain errors;
- among other things, the mineral reserves had been overestimated by as much as 50%; and
- as a result of the foregoing, defendants' positive statements about Gatos Silver's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On January 25, 2022, post-market, the Company revealed "errors in the technical report entitled 'Los Gatos Project, Chihuahua, Mexico' with an effective date of July 1, 2020 . . ., as well as indications that there is an overestimation in the existing resource model" and that on a preliminary basis, the Company estimated a potential reduction of the metal content of its CLG's mineral reserve ranging from 30% to 50% of the metal content remaining after depletion.
On this news, shares of Gatos Silver fell $7.02 per share, or approximately 68.9%, to close at $3.17 per share on January 26, 2022.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
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