Robbins LLP: Tahoe Resources, Inc. (TAHO) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against Tahoe Resources, Inc. (NYSE: TAHO) in the U.S. District Court for the Southern District of New York. The complaint is brought on behalf of all purchasers of Tahoe securities between April 3, 2013 and July 5, 2017, for alleged violations of the Securities Exchange Act of 1934 by Tahoe’s officers and directors. Tahoe, together with its subsidiaries, explores, develops, and operates mines in the Americas.
Tahoe Accused of Issuing Inaccurate Information About Its Guatemalan Mine
According to the complaint, on April 3, 2013, Tahoe announced that Guatemala’s Ministry of Energy and Mines (“MEM”) had granted the company an exploitation license for the Escobal mine in Southern Guatemala. Tahoe subsequently emphasized in a press release that the Escobal mine “has been designed and constructed to the highest environmental and social responsibility standards.” Tahoe did not disclose in its filings, however, that MEM had granted the mining license without prior consultation with Guatemala’s Xinca indigenous people, which was a violation of Guatemalan law and provided a basis for suspension of the Escobal license. On July 6, 2017, Tahoe disclosed that the Supreme Court of Guatemala had suspended the Escobal mining license of Minera San Rafael, a Tahoe subsidiary, in connection with a legal action brought by a Guatemalan human rights organization against MEM on behalf of the Xinca. On this news, Tahoe’s stock fell $2.74 per share, or approximately 33%, to close at $5.56 on July 6, 2017.
Tahoe Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.