The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Faruqi & Faruqi, LLP Announces Investigation of Agnico-Eagle Mines Limited

Friday, November 18, 2011

Faruqi & Faruqi, LLP Announces Investigation of Agnico-Eagle Mines Limited12:05 EST Friday, November 18, 2011 NEW YORK (Business Wire) -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Agnico-Eagle Mines Limited (“Agnico-Eagle” or the “Company”) (Nasdaq: AEM). Faruqi & Faruqi, LLP seeks to determine whether certain officers and directors at Agnico-Eagle violated federal securities laws in connection with statements made to the Company's shareholders. Request more information now by clicking here: www.faruqilaw.com/AEM The investigation focuses on whether the Company violated federal securities laws by, among other things, failing to disclose that: (1) Agnico-Eagle was facing serious problems in the operation of its Goldex mine in Val d'Or, Quebec; (2) those problems would require the Goldex mine to be shut down; (3) Agnico-Eagle would have to write off its $260 million investment as a result of the Goldex closure; and (4) Agnico-Eagle had artificially inflated its financial results by withholding information regarding its mining operations. On October 19, 2011, Agnico-Eagle announced that it was suspending mining operations and gold production at its Goldex mine effective immediately and that the Company was writing off its $260 million dollar Goldex investment. On the news, Agnico-Eagle shares declined 18.54% or $10.59 per share to close at $46.51. Take Action If you purchased Agnico-Eagle securities between April 29, 2010 and October 19, 2011 and you would like to discuss your legal rights, visit www.faruqilaw.com/AEM. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to avozzolo@faruqilaw.com or rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Agnico-Eagle's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others. About Faruqi & Faruqi, LLP Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide. Anthony Vozzolo, Esq.Richard W. Gonnello, Esq.FARUQI & FARUQI, LLP369 Lexington Avenue, 10th FloorNew York, NY 10017Telephone: (877) 247-4292 or (212) 983-9330E-mail: avozzolo@faruqilaw.comrgonnello@faruqilaw.com