A lawsuit was filed on behalf of investors in Gatos Silver, Inc. (NYSE:GATO) shares over alleged securities laws violations.
San Diego, CA — (SBWIRE) — 03/11/2022 — An investor, who purchased shares of Gatos Silver, Inc. (NYSE: GATO), filed a lawsuit over alleged violations of Federal Securities Laws by Gatos Silver, Inc.
Investors who purchased shares of Gatos Silver, Inc. (NYSE: GATO) have certain options and for certain investors are short and strict deadlines running. Deadline: April 25, 2022. NYSE: GATO investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
Greenwood Village, CO based Gatos Silver, Inc. engages in the exploration, development, and production of precious metals. In October 2020, Gatos conducted its IPO, selling approximately 24,644,500 shares of common stock at a price of $7.00 per share.
On January 25, 2022, Gatos Silver, Inc provided a resource and reserve update for the Los Gatos Joint Venture, which included a detailed reconciliation of recent production performance. Stating, “the Company concluded that there were errors in the technical report entitled “Los Gatos Project, Chihuahua, Mexico” with an effective date of July 1, 2020 (the ‘2020 Technical Report’), as well as indications that there is an overestimation in the existing resource model.” On a preliminary basis, the Company estimates a potential reduction of the metal content of CLG’s mineral reserve ranging from 30% to 50% of the metal content remaining after depletion.”
Shares of Gatos Silver, Inc. (NYSE: GATO) declined from $11.12 per share on January 21, 2022, to as low as $2.68 per share on January 27, 2022.
The plaintiff claims that the defendants failed to disclose to investors that the technical report for Gatos’s primary mine, the Cerro Los Gatos deposit, contained certain errors, that, among other things, the mineral reserves had been overestimated by as much as 50%, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Gatos Silver, Inc. (NYSE: GATO) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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