NEW YORK, Aug 04, 2017 (BUSINESS WIRE) —
Pomerantz LLP announces that a class action lawsuit has been filed
against Tahoe Resources Inc. (“Tahoe” or the “Company”)
TAHO, -4.55%
and
certain of its officers. The class action, filed in United States
District Court, Southern District of New York, and docketed under
17-cv-05155, is on behalf of a class consisting of investors who
purchased or otherwise acquired Tahoe securities, seeking to recover
compensable damages caused by defendants’ violations of the Securities
Exchange Act of 1934.
If you are a shareholder who purchased Tahoe securities between April 3,
2013 and July 5, 2017 both dates inclusive, you have until September 5,
2017 to ask the Court to appoint you as Lead Plaintiff for the class. A
copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
[Click
here to join this class action]
Tahoe, together with its subsidiaries, explores, develops, and operates
mines in the Americas. The Company primarily produces copper, gold,
silver, lead/zinc, and natural gas and petroleum, as well as precious
metals assets.
On April 3, 2013, Tahoe announced that Guatemala’s Ministry of Energy
and Mines (“MEM”) had granted the Company an exploitation license for
the Escobal mine, a large silver mine located in the department of Santa
Rosa in Southern Guatemala.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose that:
(i) Guatemala’s MEM had granted the Escobal mining license to Tahoe’s
Minera San Rafael subsidiary without prior consultation with Guatemala’s
Xinca indigenous people; (ii) the foregoing constituted a violation of
Guatemalan law and provided a basis for suspension of the Escobal
license; (iii) consequently, the Company’s revenues associated with the
Escobal mining license were unlikely to be sustainable; and (iv) as a
result of the foregoing, Tahoe’s public statements were materially false
and misleading at all relevant times.
On July 6, 2017, Tahoe disclosed that the Supreme Court of Guatemala had
issued a provisional decision suspending the Escobal mining license of
Minera San Rafael, a Tahoe subsidiary, in connection with a legal action
brought by the human rights organization Centro de Acción Legal
Ambiental y Social de Guatemala (“CALAS”) against Guatemala’s MEM. CALAS
alleges that MEM violated the Xinca indigenous people’s right of
consultation prior to granting the Escobal mining license.
On this news, Tahoe’s common share price fell $2.74, or 33.01%, to close
at $5.56 on July 6, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170804005699/en/
SOURCE: Pomerantz LLP
Pomerantz LLP
Robert S. Willoughby
rswilloughby@pomlaw.com
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