Goldcorp engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Company primarily explores for gold, silver, lead, zinc, and copper.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) levels of the mineral selenium rose in one groundwater monitoring well near the Peñasquito Mine as early as October 2013; (2) in October 2014, Goldcorp reported a rise in selenium levels in groundwater to the Mexican government after the contamination near the Peñasquito Mine waste facility intensified; (3) in August 2016, Goldcorp told Mexican regulators that contaminated water had also been found in other areas near the Peñasquito Mine; and (4) as a result, Goldcorp's public statements were materially false and misleading at all relevant times.
On August 24, 2016, Reuters reported that Mexican regulators are investigating whether Goldcorp broke any regulations in its handling of a contaminated water leak at Mexico's biggest goldmine, previously undisclosed to the investing public by the Company.
On this news, Goldcorp stock fell $1.64, or 9.27%, to close at $16.05 on August 24, 2016.
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SOURCE Pomerantz LLP