An example of Material Breach This is what happens when a company commits a material breach by not announces an interruption in mining. ( $64 million class action suit)
Eastern Platinum Ltd. (TSX & AIM: ELR; JSE: EPS)
On June 28, 2011, Siskinds LLP filed a class action in the Ontario Superior Court of Justice against Eastern Platinum Ltd. (“Eastplats”). Also named as defendants are certain directors and officers of Eastplats.
The class action is brought on behalf of all persons and entities who acquired shares of Eastplats between January 1, 2011 and April 15, 2011, inclusive. The claim alleges that Eastplats failed to disclose, as required by the securities laws, material information about the interruption of its operations at the Crocodile River Mine in or about January 2011. The Crocodile River Mine has been Eastplats’ only producing mine and major asset at all material times, and is located in the Bushveld Complex, in the North West Province, South Africa.
If you purchased Eastplats’ shares during the period of January 1, 2011 to April 15, 2011, please complete the online information form. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds, nor do you incur any obligations in connection with this lawsuit.
Please direct any inquiries to Nicole Young at (800) 461-6166 (ext. 2380) or e-mail Ms. Young by clicking on the Contact Us link below.