Banro Corporation is a Canadian mining company operating exclusively in the DRC, with a focus on the exploration, development and production of gold.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and omissions regarding the Company’s business condition and operational environment. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s operating segments in the Eastern Congo were subject to a critical threat by the local populations claiming specific grievances against the Company (ii) the threat had in fact materialized and was disrupting its operations (iii) consequently, the Company’s operating environment was unstable; (iv) the Company intentionally misled investors regarding its relationship with the local communities and the stability of its business operations and; (v) as a result, Banro’s public statements about Banro’s business and operations were false and misleading and/or lacked a reasonable basis.

Plaintiffs filed an amended Complaint on April 3, 2018. Defendants filed a Motion to Dismiss the amended Complaint on May 18. On February 21, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs filed a Notice appealing the Dismissal Order on March 18. On November 26, the Court of Appeals issued an Order affirming the judgment of the District Court.