Primero Mining Corp. ("Primero") is a Canadian-based gold and silver producer with operations in Mexico and Canada.
According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants issued false and misleading statements to investors and/or failed to disclose material facts about tax compliance at Primero’s Mexican subsidiary, Primero Empresa Minera, S.A. de C.V. On February 3, 2016, Primero disclosed that its Mexican subsidiary received a legal claim from the Mexican tax authorities, Servicio de Administración Tributaria (“SAT”), seeking to nullify the Advance Pricing Agreement issued by SAT in 2012. On this news, shares of Primero Mining fell $0.74 per share or over 28% to close at $1.89 per share on February 4, 2016.
On May 12, 2016, the Court issued an Order appointing Lead Plaintiffs, Lead Counsel, and also consolidating related cases. Lead Plaintiffs filed a consolidated complaint on August 22.
The Court granted Defendants' Motion to Dismiss without prejudice on January 30, 2017. An amended complaint was filed on February 27. A corrected version of this Complaint was filed on March 10.
The Court ordered this case dismissed without prejudice on July 14, 2017. Plaintiffs declined to file an amended complaint, thus the case was dismissed with prejudice on August 9. Plaintiffs appealed this decision on September 8. On September 17, 2019, the Court of Appeals affirmed the District Court's Dismissal Order.