NEW YORK, Sept. 2, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Goldcorp Inc. ("Goldcorp" or the "Company") (NYSE: GG) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 16-cv-06436, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Goldcorp securities between March 31, 2014 and August 24, 2016 both dates 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").
If you are a shareholder who purchased Goldcorp securities during the Class Period, you have until October 24, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP