TORONTO and LONDON, ON, Nov. 19, 2018 /CNW/ - Siskinds LLP today announced the filing of a proposed securities class action against Tahoe Resources Inc. (Tahoe) and its former CEO and director, Ronald W. Clayton, in Toronto, Ontario (Action). The Action was commenced on October 4, 2018.
The Action alleges that a press release issued by Tahoe on May 24, 2017 contained misrepresentations. The press release concerned the commencement of an action against the Guatemalan Ministry of Energy and Mines (MEM) by Centro de Acción Legal Ambiental y Social de Guatemala (CALAS), in the Supreme Court of Guatemala. It is alleged that the May 24, 2017 press release did not provide adequate disclosure about the CALAS proceeding. Specifically, the Action alleges among other things that:
Tahoe's Guatemalan operating subsidiary, Minera San Rafael S.A., had been named as an interested third party in the proceeding commenced by CALAS;
CALAS was seeking to suspend the Escobal mining license provisionally and until MEM met its consultation obligations to the Xinka indigenous people of Guatemala;
there was a material risk that the Escobal mining license would be provisionally suspended, as in fact occurred; and
there was a material risk that the Escobal mining license would be suspended beyond the period of the provisional suspension, as also in fact occurred.
It is alleged that Tahoe was required to disclose those facts in its May 24, 2017 press release but failed to do so.
The action alleges that Tahoe shareholders who acquired its securities from and including May 24, 2017 to and including July 5, 2017 (Class Period) suffered damage as a result of the alleged misrepresentations. Subject to certain exclusions, the proposed class includes all persons and entities, wherever domiciled, who acquired Tahoe securities during the Class Period.
The claims being pursued in the Action are claims for damages for losses allegedly suffered as a result of Tahoe's alleged misleading disclosure. The plaintiff claims Tahoe and Mr. Clayton have liability for those losses.
Class Member Contacts:
If you hold or previously held securities of Tahoe acquired during the Class Period, we encourage you to complete the information form on the website of Siskinds LLP at https://www.siskinds.com/tahoe by clicking on the "Receive Updates on this Case" link.
For inquiries, please click on the "Ask a Question" link on the Siskinds website above or email [email protected]. For telephone inquiries, please call 1-800-461-6166 x 2206.
Institutional investors with specific inquiries should contact:
The Siskinds LLP class actions team has offices in London and Toronto, and an affiliate office in Québec City. The team, comprised of 25 lawyers admitted to practice in Ontario, Quebec, New York State and the District of Columbia, acts exclusively for plaintiffs. Over the years, Siskinds' class action team has recovered hundreds of millions of dollars for class members in Canada and elsewhere. If you are looking for Canada's top-ranked law firm* to represent your class action lawsuit, contact us today.
The Siskinds LLP class actions team has offices in London and Toronto, and an affiliate office in Québec City. The team, comprised of 25 lawyers admitted to practice in Ontario, Quebec and New York State, act exclusively for plaintiffs and has recovered hundreds of millions...