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Agnico-Eagle Mines, Ltd AEM Securities Stock Fraud


Company: Agnico-Eagle Mines, Ltd
Ticker Symbol: AEM
Class Period: Apr-29-10 to Oct-19-11
Date Filed: Nov-9-11
Lead Plaintiff Deadline: Jan-8-12
Court: Southern District of New York
Allegations:
Wilmington, DL: A securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the securities of Agnico-Eagle Mines, Ltd. ("Agnico-Eagle" or the "Company") between April 29, 2010 and October 19, 2011, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 (the "Complaint").

Agnico-Eagle, through its subsidiaries, engages in the exploration, development, and production of mineral properties in Canada, Finland, and Mexico.

The Complaint names Agnico-Eagle and certain of the Company's current and former directors and officers as defendants. The Complaint alleges that during the Class Period, defendants failed to disclose material adverse facts regarding the Company's overall operational and financial condition and well-being resulting from significant problems in the Company's mining operations and gold production at its Goldex mine in Val d'Or, Quebec.

On October 19, 2011, Agnico-Eagle issued a press release wherein it announced that it was suspending mining operations and gold production at its Goldex mine in Val d'Or, Quebec effective immediately. This decision followed the receipt of an opinion from a second rock mechanics consulting firm which recommended that underground mining operations be halted. The Company disclosed that it appears that a weak volcanic rock unit in the hangingwall of the Goldex deposit has failed. As a result, Agnico-Eagle revealed that it will write off its investment in Goldex and it is expected that this will total approximately $260 million.

In response to its surprising announcement, Agnico-Eagle's shares reacted by falling 18.5%, to close at $46.51 per share on October 19, 2011, on very heavy trading volume.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Agnico-Eagle Mines, Ltd AEM Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Agnico-Eagle Mines, Ltd securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Nov-10-11


READER COMMENTS

Posted by

on
My claim of last May was acknowledged last fall.
Have not received any communication since.

Where are we in the distribution system?

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