The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Rigrodsky & Long, P.A. Announces Class Action Lawsuit Against Agnico-Eagle Mines, Ltd.

Tuesday, November 08, 2011

Rigrodsky & Long, P.A. Announces Class Action Lawsuit Against Agnico-Eagle Mines, Ltd.18:17 EST Tuesday, November 08, 2011 WILMINGTON, Del. (Business Wire) -- Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the securities of Agnico-Eagle Mines, Ltd. (“Agnico-Eagle” or the “Company”) (NYSE: AEM) between April 29, 2010 and October 19, 2011, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”). If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://investigations.rigrodskylong.com/agnico-eagle-mines-ltd-aem/. Agnico-Eagle, through its subsidiaries, engages in the exploration, development, and production of mineral properties in Canada, Finland, and Mexico. The Complaint names Agnico-Eagle and certain of the Company's current and former directors and officers as defendants. The Complaint alleges that during the Class Period, defendants failed to disclose material adverse facts regarding the Company's overall operational and financial condition and well-being resulting from significant problems in the Company's mining operations and gold production at its Goldex mine in Val d'Or, Quebec. On October 19, 2011, Agnico-Eagle issued a press release wherein it announced that it was suspending mining operations and gold production at its Goldex mine in Val d'Or, Quebec effective immediately. This decision followed the receipt of an opinion from a second rock mechanics consulting firm which recommended that underground mining operations be halted. The Company disclosed that it appears that a weak volcanic rock unit in the hangingwall of the Goldex deposit has failed. As a result, Agnico-Eagle revealed that it will write off its investment in Goldex and it is expected that this will total approximately $260 million. In response to its surprising announcement, Agnico-Eagle's shares reacted by falling 18.5%, to close at $46.51 per share on October 19, 2011, on very heavy trading volume. If you wish to serve as lead plaintiff, you must move the Court no later than January 6, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome. Rigrodsky & Long, P.A.Timothy J. MacFall, EsquireNoah R. Wortman, Case Development Director888-969-4242302-295-5310Fax: 302-654-9430info@rigrodskylong.comhttp://www.rigrodskylong.com