Tahoe Resources, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Tahoe operates multiple mines to develop precious metals assets in America. On June 8, 2010, upon successful completion of its initial public offering, Tahoe acquired the Escobal mine assets located in Guatemala through its wholly-owned subsidiary Minera San Rafael, S.A. (“MRM”), a Guatemala corporation.
The Class Period commences on April 3, 2013, when Tahoe issued a press release about the Escobal exploitation license from Guatemala’s Ministry of Energy and Mines.
The complaint alleges that, on July 5, 2017, after the market closed, Tahoe issued a press release announcing the suspension of the Escobal mining license. The press release stated, in part, “the Supreme Court of Guatemala has issued a provisional decision in respect of an action brought by the anti-mining organization, CALAS, against Guatemala’s Ministry of Energy and Mines (“MEM”). The action alleges that MEM violated the Xinca Indigenous people’s right of consultation in advance of granting the Escobal mining license to Tahoe’s Guatemalan subsidiary, Minera San Rafael.”
Following this news, the stock price declined from a close of $8.27 per share of Tahoe stock on July 5, 2017, to a close of $5.56 per share on July 6, 2017, a drop of approximately 33%.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose that: (1) Tahoe’s exploitation license of the Escobal mine assets was in violation of the indigenous people’s rights to be consulted; (2) Tahoe was not in compliance with governmental law and regulations; and (3) as a result of the foregoing, the defendants’ statements about Tahoe’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you are a member of the class described above, you may no later than September 5, 2017 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 firstname.lastname@example.org. 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.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or
Adrienne Bell, Esq.
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Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
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