Case Page

 

Case Status:    ONGOING    
On or around 05/31/2018 (Ongoing date of last review)

Filing Date: May 31, 2018

According to the Complaint, Klondex Mines Ltd. ("Klondex" or the "Company"), together with its subsidiaries, acquires, explores, develops, and produces mineral properties in the United States and Canada. It primarily explores for gold and silver deposits.

On March 29, 2018, Klondex and Hecla Mining Company ("Hecla" or "Parent") issued a press release announcing the Proposed Transaction, in which Hecla will acquire all the outstanding shares of Klondex.

The terms of the Proposed Transaction were memorialized in a March 19, 2018, filing with the Securities and Exchange Commission (“SEC”) on Form 8-K attaching the definitive Agreement and Plan of Merger (the “Merger Agreement”). Under the terms of the Merger Agreement, Klondex will become an indirect wholly-owned subsidiary of Hecla, and Klondex stockholders will receive approximately $2.47 in cash for each share of Klondex common stock they own.

The Complaint alleges that Defendants breached their fiduciary duties to the Company’s stockholders by agreeing to the Proposed Transaction which undervalues Klondex and is the result of a flawed sales process. The Complaint further alleges that Defendants caused to be filed the materially deficient Preliminary Proxy on May 23, 2018 with the United States Securities and Exchange Commission (“SEC”) in an effort to solicit stockholders to vote their Klondex shares in favor of the Proposed Transaction.



COMPANY INFORMATION:

Sector: Basic Materials
Industry: Metal Mining
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: KLDX
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Nevada
DOCKET #: 18-CV-00256
JUDGE: Hon. Larry R. Hicks
DATE FILED: 05/31/2018
CLASS PERIOD START: 03/29/2018
CLASS PERIOD END: 05/31/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Aldrich Law Firm, Ltd.
    1601 S. Rain tow Blvd., Suite 160, Aldrich Law Firm, Ltd., NV 89146
    702-853-5490 702-227-1975 ·
  2. Brodsky & Smith, LLC
    Two Bala Plaza, Suite 602, Brodsky & Smith, LLC, PA 19004
    610.667.6200 610.667.6200 ·
No Document Title Filing Date