Primero investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Primero is a Canadian-based gold mining company which operates mines in Canada and Mexico. Primero has a portfolio of development-stage and exploration projects. On August 6, 2010, Primero acquired the San Dimas gold-silver mine, mill, and related assets. Primero’s Mexican subsidiary, Primero Empresa Minera, S.A. de C.V. (“PEM”), owns and operations the San Dimas Mine. In October 2011, PEM submitted an Advance Pricing Agreement (“APA”) to the Mexican tax authorities, Servicio de Administración Tributaria (“SAT”) asking for a ruling to confirm whether the company was properly recording revenue and taxes from sales under Primero’s silver purchase agreement with Silver Wheaton Corp.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, prospects and performance. Specifically, the complaint alleges that during the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) PEM was inappropriately recording revenues and taxes from sales under its silver purchase agreement between Primero and Silver Wheaton Corp.; and (2) as a result of the foregoing, the company’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The Class Period commences on October 5, 2012, when the company issued a press release entitled “Primero Announces Positive Advance Tax Ruling”
According to the complaint, on February 3, 2016, the company issued a press release, announcing, among other things, that the SAT served a legal claim on PEM seeking to nullify the APA filed by Primero in October 2011 and issued by the SAT in 2012.
Following this news, the company’s shares fell $0.74 per share, or over 28%, to close at $1.89 per share on February 4, 2016.
If you are a member of the class described above, you may no later than April 15, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com