NEW YORK, July 12, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tahoe Resources Inc. (“Tahoe” or the “Company”) (NYSE: TAHO ) of the September 5, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Tahoe stock or options between April 13, 2013 and July 5, 2017 and would like to discuss your legal rights, click here : www.faruqilaw.com/TAHO . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Tahoe securities between April 13, 2013 and July 5, 2017 (the “Class Period”). The case, Cabrera Jr. v. Tahoe Resources Inc. et al. No. 1:17-cv-05155 was filed on July 7, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose material adverse information regarding its Escobal mining operation in Guatemala. In particular, the lawsuit alleges that the Company failed to disclose that the consultation obligations regarding its Escobal mining license had not been met, that this failure had the potential to subject its mining license to suspension, and that as a result revenue associated with the Escobal mine was unlikely to be sustainable.
Specifically, after market close on July 5, 2017, the Company announced that the Supreme Court of Guatemala issued a provisional order suspending its license to operate the Escobal mine. The suspension followed a legal action taken against Guatemala’s Ministry of Energy and Mines for violating the indigenous Xinca people’s right of consultation prior to granting the Company its mining license.
Following this news, Tahoe’s share price fell from its previous close of $8.30 per share on July 5, 2017, to a closing price of $5.56 on July 6, 2017—a $2.74 or a 33.01% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tahoe’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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