NEW YORK, April 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Gatos Silver, Inc. ("Gatos" or the "Company") (NYSE: GATO). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Gatos and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 25, 2022, post-market, Gatos issued a press release disclosing that "[d]uring the Company's resource and reserve update process for the Los Gatos Joint Venture ("LGJV") . . . the Company concluded that there were errors in the technical report entitled 'Los Gatos Project, Chihuahua, Mexico' with an effective date of July 1, 2020 (the '2020 Technical Report'), as well as indications that there is an overestimation in the existing resource model." Accordingly, "[o]n a preliminary basis, the Company estimates a potential reduction of the metal content of CLG's mineral reserve ranging from 30% to 50% of the metal content remaining after depletion" and advised that "the mineral resource and reserve estimates in the 2020 Technical Report should not be relied upon."
On this news, Gatos' stock price fell $7.02 per share, or 68.89% percent to close at $3.17 per share on January 26, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
