NEW ORLEANS, April 19, 2022 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 25, 2022 to file lead plaintiff applications in a securities class action lawsuit against Gatos Silver, Inc. (NYSE: GATO), if they purchased the Company’s securities between October 28, 2020 and January 25, 2022, inclusive (the “Class Period”) and/or purchased or otherwise acquired the Company’s shares pursuant to the Company’s October 2020 initial public offering (the “IPO”). This action is pending in the United States District Court for the District of Colorado.
What You May Do
If you purchased securities or shares of Gatos as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-gato/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by April 25, 2022.
About the Lawsuit
Gatos Silver and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
On January 25, 2022, post-market, the Company revealed “errors in the technical report entitled ‘Los Gatos Project, Chihuahua, Mexico' with an effective date of July 1, 2020 . . . , as well as indications that there is an overestimation in the existing resource model” and that on a preliminary basis, the Company estimated a potential reduction of the metal content of its CLG's mineral reserve ranging from 30% to 50% of the metal content remaining after depletion.
On this news, shares of Gatos Silver fell $7.02 per share, or approximately 68.9%, to close at $3.17 per share on January 26, 2022.
The case is Bilinsky v. Gatos Silver, Inc., et al., No. 22-cv-453.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163
