NEW YORK, March 10, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against Primero Mining Corp. ("Primero" or "the Company") (NYSE: PPP). The class action has been filed in the United States District Court, Central District of California on behalf of a class consisting of all persons or entities who purchased Primero securities between October 5, 2012 and February 3, 2016, inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
On August 6, 2010, Primero acquired the San Dimas gold-silver mine, mill, and related assets. Primero's Mexican subsidiary, Primero Empresa Minera, S.A. de C.V. ("PEM"), which owns and operates the San Dimas mine.
In October 2011, Primero Empresa Minera, S.A. de C.V. ("PEM") submitted an Advance Pricing Agreement ("APA") to the Mexican tax authorities, Servicio de Administración Tributaria ("SAT") asking for confirmation whether the Primero was properly recording revenue and taxes from sales in connection with Primero's silver purchase agreement with Silver Wheaton Corp. ("Silver Wheaton"). On October 5, 2012, the Primero announced that SAT's ruling was positive.
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, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) PEM was improperly logging revenues and taxes from sales under its silver purchase agreement between Primero and Silver Wheaton; and (2) as a result of the previous, the Primero's public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 3, 2016, the Primero announced that the SAT served a legal claim on PEM seeking to nullify the APA filed by Primero in October 2011 and issued by the SAT in 2012. Following this news, the Primero stock fell $0.74 per share or over 28% to close at $1.89 per share on February 4, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!ppp/nxh86. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Primero you have until April 15, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org
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