Goldcorp Inc. (NYSE: GG)
A class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Goldcorp Inc. (NYSE: GG) common stock during the period between March 31, 2014 and August 24, 2016 (the “Class Period”).
The complaint charges Goldcorp and certain of its officers with violations of the Securities Exchange Act of 1934. Goldcorp engages in the acquisition, exploration, development and operation of precious metal properties in Canada, the United States, Mexico and Central and South America, including the Peñasquito Mine in north central Mexico. The Company primarily explores for gold, silver, lead, zinc and copper.
The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and operations. Specifically, the complaint alleges that defendants reiterated throughout the Class Period that “Goldcorp’s mining and processing operations and exploration and development activities [were] carried out in accordance with all applicable rules and regulations,” while failing to disclose that there was a long-running leak of contaminated water at the Company’s Peñasquito Mine property, and that levels of the mineral selenium, which can damage human health and cause deformities in wildlife, had risen in groundwater near the mine and that contaminated water had been found in other areas of its property. As a result of these false statements and/or omissions, Goldcorp common stock traded at artificially inflated prices during the Class Period, reaching a high of $28.60 per share.
Then on August 24, 2016, Reuters published an article stating that Mexican regulators were examining whether Goldcorp broke any regulations in its handling of the long-running leak of contaminated water at the Peñasquito Mine, which had not, until then, been disclosed to the public. According to Reuters, “[l]levels [of selenium] in the groundwater at Peñasquito rose to more than five times [the allowable] level.” On this news, the price of Goldcorp common stock fell $1.64 per share, or 9%, to close at $16.05 per share on August 24, 2016.
If you are a current shareholder and/or purchased stock between March 31, 2014 and August 24, 2016, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
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