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Gatos Silver, Inc. (TSX: GATO)
OVERVIEW
A proposed class action lawsuit has been filed in Ontario against Gatos Silver, Inc. (TSX: GATO) and other defendants.
Gatos is a US-based precious metals production and exploration company focused primarily on silver. Their key operating project is the Cerro Los Gatos (“CLG”) mine in Chihuahua, Mexico. The action alleges, among other things, that the defendants misrepresented the reliability of mineral reserve and resource estimates pertaining to CLG.
The plaintiff alleges that these misrepresentations were corrected on January 25, 2022, when the Company announced that there were errors in the technical report connected to CLG. When this news was revealed to the market, the value of Gatos’s shares declined by almost 70%.
Copies of the Fresh as Amended Notice of Action and Statement of Claim are available under Documents.
Proposed Class
The proposed class action is brought on behalf of investors who acquired Gatos’s securities between October 28, 2020 and the January 25, 2022.
NEW SETTLEMENTS
Tetra Tech Defendants
On December 19, 2023, the Plaintiff and Tetra Tech, Inc., Guillermo Dante Ramirez-Rodriguez and Kira Lyn Johnson (collectively, the “Tetra Tech Defendants”) reached a proposed settlement in this action for CAD$1 million to resolve the claims asserted against them on behalf of all persons and entities (other than certain “excluded persons”), wherever they may reside or be domiciled, who:
- purchased Gatos Silver securities under Gatos Silver’s Canadian prospectuses filed in October 2020 and July 2021 and in the distributions to which they related; and
- acquired Gatos Silver securities during the period from October 28, 2020 until January 25, 2022 at 6:52 p.m. Eastern Standard Time (“Class Period”) on any Canadian exchange (including, without limitation, the Toronto Stock Exchange) or any Canadian alternative trading system (the “Tetra Tech Settlement Agreement”).
A copy of the Tetra Tech Settlement Agreement is available under Documents.
On January 4, 2024, the parties appeared before the Ontario Superior Court of Justice to certify the action as against the Tetra Tech Defendants. Copies of the reasons and order are available under Documents.
The Tetra Tech Settlement Agreement is subject to approval by the Ontario Superior Court of Justice. A settlement approval hearing has been set for April 10, 2024 at 10 a.m. for a half day.
If you do not wish to be bound by the Tetra Tech Settlement Agreement or receive any benefits from it (or any other settlements in the action), you must opt out by no later than April 9, 2024.
If you wish to object to the Tetra Tech Settlement Agreement, you must do so by no later than March 20, 2024.
For complete details regarding the Tetra Tech Settlement Agreement, including how to opt out or object/comment, please consult the long-form notices available under Documents.
Settlement in Principle with Gatos Silver and the Other Defendants
The Plaintiff has separately reached a settlement-in-principle with the remaining Defendants, Gatos Silver, Stephen Orr, Roger Johnson, Philip Pyle, The Electrum Group LLC, Electrum Silver US LLC, and Electrum Silver US II LLC. The settlement is subject to the negotiation of a definitive agreement. If a final settlement agreement is reached, further notice will be provided to class members regarding that settlement, as ordered by the Court.
Discontinuance Against Underwriter Defendants
On January 4, 2024, the Ontario Superior Court of Justice granted permission to the Plaintiff to discontinue the action as against BMO Nesbitt Burns Inc., Goldman Sachs Canada Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., and CIBC World Markets Inc. (“Underwriter Defendants”), without costs. A copy of the order is available under Documents.
DOCUMENTS
- Notice of Action
- Fresh as Amended Statement of Claim
- Tetra Tech Settlement Agreement
- Reasons re Certification and Notice Approval (Tetra Tech Defendants)
- Order re Certification and Notice Approval (Tetra Tech Defendants)
- Order re Discontinuance against the Underwriter Defendants
- Long Form Notice (English) (French)
- Short Form Notice (English) (French)
For more information please contact Sharon Wong, Paralegal at (604) 689-7555 or by email at [email protected].
Gatos Silver, Inc. (TSX: GATO) - Status Updates:
Gatos Silver Inc. Proposed Settlement - View
Gatos Silver, Inc. (TSX: GATO) - View
