New York, New York--(Newsfile Corp. - March 27, 2023) - Pomerantz LLP is investigating claims on behalf of investors of First Majestic Silver Corp.("First Majestic" or the "Company") (NYSE: AG). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether First Majestic and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 20, 2023, First Majestic issued a press release announcing that "it is taking action to reduce overall costs by reducing investments, temporarily suspending all mining activities and reducing its workforce at [the Company's] Jerritt Canyon [Gold Mine] effective immediately." The press release stated that despite the Company's efforts to "increas[e] underground mining rates in order to sustainably feed the processing plant at a minimum of 3,000 tpd in order to generate free cash flow", "mining rates have remained below this threshold and cash costs per ounce have remained higher than anticipated primarily due to ongoing challenges such as contractor inefficiencies and high costs, inflationary cost pressures, lower than expected head grades and multiple extreme weather events affecting northern Nevada, which have compounded conditions and caused material headwinds for the operation."
On this news, First Majestic's stock price fell $1.68 per share, or 22.58%, to close at $5.76 per share on March 21, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160076
