NEW YORK, April 5, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Primero Mining Corp. ("Primero" or the "Company") (NYSE: PPP) of the April 15, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Primero securities between October 5, 2012 and February 3, 2016 (the "Class Period"). The case, Loftus v. Pimero Mining Corp. et al, No. 2:16-cv-01034 was filed on February 15, 2015, and has been assigned to Judge Beverly Reid O'Connell.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the issues of tax compliance of Primero's Mexican subsidiary, Primero Empresa Minera, S.A. de C.V.
Specifically, on February 3, 2016, Primero disclosed that Servicio de Administración Tributaria ("SAT"), Mexico's tax authority, filed a legal claim against the Company's Mexican subsidiary in order to nullify the Advance Pricing Agreement ("APA") filed by Primero in October 2011 and issued by the SAT in 2012; the APA was submitted to the SAT to confirm that the Company was properly recording revenue and taxes from sales under Primero's silver purchase agreement with Silver Wheaton Corp.
After the announcement, Primero's share price fell from $2.63 per share on February 3, 2016 to a closing price of $1.89 per share on February 4, 2016—a $0.74 or 28.1% drop.
Request more information now by clicking here: www.faruqilaw.com/PPP. There is no cost or obligation to you.
If you invested in Primero common stock or options between October 5, 2012 and February 3, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/PPP. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Primero's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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