
Amicus Therapeutics, Inc. (FOLD)
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
Investigation
01/25/2022
Initial Lawsuit
02/22/2022
Lawsuit Progression
06/03/2022
This investor’s investigation follows Gatos’ disclosures of errors and indications of overestimation in the existing resource model in a technical report on its Los Gatos Project in Chihuahua, Mexico. Did the company mislead its shareholders?
This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.
A lawsuit was subsequently filed. We update this post regularly.
01/25/2022
Gatos discloses that during the resource and reserve update process for the Los Gatos Joint Venture (including detailed reconciliation of recent production performance), 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 as well as indications that there is an overestimation in the existing resource model.”
The company estimated 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. The company indicated that since the 2020 Technical Report, depletion reached 1.3 million tonnes grading 284 g/t silver, 3.9% zinc, 2.3% lead and 0.3 g/t gold that was processed from July 1, 2020 to December 31, 2021.
“The Company is working with independent engineering consultants to better understand the magnitude of the overestimation, including conducting a detailed reconciliation of production to previous models and reserve calculation estimates, as well as creating a new Life of Mine (“LOM”) plan. . .”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$3.17 | $10.19 | $-7.02 | -68.89% |
A Gatos Silver, Inc. investor filed a securities class action lawsuit on behalf of persons and entities that purchased or otherwise acquired Gatos: (a) common stock pursuant and/or traceable to the registration statement issued in connection with the company’s initial public offering (IPO) conducted on or about October 28, 2020; and/or (b) securities between October 28, 2020, and January 25, 2022, inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(1) that the technical report for Gatos’s primary mine, the Cerro Los Gatos deposit, contained certain errors;
(2) that, among other things, the mineral reserves had been overestimated by as much as 50%; and
(3) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
06/03/2022
The court issued an order appointing the lead plaintiff and lead counsel.
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