Oct 25, 2023
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Berman Tabacco Announces Investigation of Gatos Silver, Inc. (GATO) for Potential Securities Law Violations
January 28, 2022 12:20 PM EST | Source: Berman Tabacco
Boston, Massachusetts--(Newsfile Corp. - January 28, 2022) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Gatos Silver, Inc. ("Gatos" or the "Company") (NYSE: GATO), a "silver dominant exploration, development and production company" with headquarters in Colorado.
On October 30, 2020, the Company completed its initial public offering of 21,430,000 shares of common stock at a public offering price of $7.00 per share.
On July 19, 2021, the Company completed a secondary public offering of 8,930,000 shares of common stock at a price of $14.00 per share.
On January 25, 2022, after the market close, the Company issued a press release disclosing that "[d]uring the Company's resource and reserve update process for the Los Gatos Joint Venture ('LGJV'), which included a 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 (the '2020 Technical Report'), as well as indications that there is an overestimation in the existing resource model." The Company further noted that "[o]n a preliminary basis, the Company estimates a potential reduction of the metal content of [Cerro Los Gatos'] mineral reserve ranging from 30% to 50% of the metal content remaining after depletion."
On this news, the Company's common shares fell from $10.19 per share to close at $3.17 per share on January 26, 2022, a decline of $7.02 per share or 68.8%, on heavy volume.
If you purchased Gatos securities, sustained substantial losses, and would like to discuss your legal rights and/or options, please submit your information here.
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.
This notice may constitute attorney advertising.
Contact:
Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111962