Faruqi & Faruqi, LLP Announces Investigation of Agnico-Eagle Mines Limited (AEM)
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Agnico-Eagle Mines Limited (“Agnico-Eagle” or the “Company”) (Nasdaq: AEM). Faruqi & Faruqi, LLP seeks to determine whether certain officers and directors at Agnico-Eagle violated federal securities laws in connection with statements made to the Company’s shareholders.
The investigation focuses on whether the Company violated federal securities laws by, among other things, failing to disclose that: (1) Agnico-Eagle was facing serious problems in the operation of its Goldex mine in Val d’Or, Quebec; (2) those problems would require the Goldex mine to be shut down; (3) Agnico-Eagle would have to write off its $260 million investment as a result of the Goldex closure; and (4) Agnico-Eagle had artificially inflated its financial results by withholding information regarding its mining operations.
On October 19, 2011, Agnico-Eagle announced that it was suspending mining operations and gold production at its Goldex mine effective immediately and that the Company was writing off its $260 million dollar Goldex investment. On the news, Agnico-Eagle shares declined 18.54% or $10.59 per share to close at $46.51.
If you purchased Agnico-Eagle securities between April 29, 2010 and October 19, 2011 and you would like to discuss your legal rights, contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Agnico-Eagle’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.