PHILADELPHIA, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential violations of federal securities laws by Gatos Silver, Inc. ("Gatos Silver" or the "Company") (NYSE: GATO).
GATOS SILVER INVESTORS WITH FINANCIAL LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S “SECURITIES CLASS ACTION QUESTIONNAIRE.”
On January 25, 2022, Gatos Silver stated 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."
Gatos Silver also stated that "[o]n a preliminary basis, the Company estimates a potential reduction of the metal content of Cerro Los Gatos’ ('CLG') mineral reserve ranging from 30% to 50% of the metal content remaining after depletion. Since the 2020 Technical Report, depletion is 1.3 million tonnes grading 284 g/t silver, 3.9% zinc, 2.3% lead and 0.3 g/t gold that has been processed from July 1, 2020 to December 31, 2021. At this time, the Company cannot accurately quantify the exact magnitude of the reduction, and the mineral resource and reserve estimates in the 2020 Technical Report should not be relied upon."
On this news, the stock price of Gatos Silver was down more than 66% during intraday trading on January 26, 2022.
GATOS SILVER INVESTORS WITH SIGNIFICANT FINANCIAL LOSSES ARE ALSO ENCOURAGED TO CONTACT JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, JKEHOE@KEHOELAWFIRM.COM, OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO DISCUSS THE GATOS SILVER CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm, P.C. have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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