GATO.US
id: 898
Gatos Silver (GATO) Report Errors Case $21M Settlement
Late claims are being considered for compensation, subject to approval.
D. Colorado
Court1:22-cv-00453
Case number10/28/2020
Class period Start01/25/2022
Class period End06/19/2024
Claim deadlineGatos agreed to pay $21M to investors to resolve the claims over errors in a technical report.
Case Details:
On January 25, 2022, Gatos Silver disclosed errors in a technical report, suggesting a potential 30-50% reduction in mineral reserve metal content.
This news led to a 69% $GATO drop on January 26, 2022, and $GATO traded nearly 54% below the IPO price.
Gatos was accused of not disclosing errors in the technical report and the overestimation of mineral reserves.
Gatos has now decided to end these allegations and pay a $21M settlement.
Case Status
Accepting Late Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
02/22/2022
Plaintiffs
Michael Bilinsky
Attorneys
Bleichmar Fonti & Auld LLP
Defendants
Stephen Orr, Roger Johnson, Philip Pyle, Janice Stairs, Ali Erfan, Igor Gonzales, Karl Hanneman, David Peat, Charles Hansard, Daniel Muñiz Quintanilla
Judge
Lewis T. Babcock
Administrator
EPIQ
Settlement agreement date
2023-06-20
Court hearing date
05/31/2024
Exclusion deadline
05/05/2024
Objection deadline
05/10/2024
Class wide damages
$472,962,600
Trades matching type
FIFO
+$21,000,000
Cash Settlement AmountFrequently Asked Questions
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