NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Tahoe Resources Inc. (“Tahoe” or the “Company”) (NYSE:TAHO) 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 firstname.lastname@example.org 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.
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