PHILADELPHIA, March 20, 2024 (GLOBE NEWSWIRE) -- Berger Montague advises investors that a securities fraud class action lawsuit has been filed against SSR Mining Inc. (“SSR Mining” or the “Company”) (NASDAQ: SSRM) on behalf of purchasers of SSR Mining’s securities between February 23, 2022 and February 27, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired SSR Mining securities during the Class Period may, no later than May 17, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or CLICK HERE.
SSR Mining is a precious metals mining company with four producing assets located in the United States, Turkey, Canada and Argentina. The Company is engaged in the operation, acquisition, exploration and development of precious metal resource properties, producing gold doré, as well as silver and lead and zinc concentrates. SSR Mining's asset portfolio is comprised of high-margin, long-life assets located in some of the world's most prolific metal districts. This lawsuit concerns SSR Mining’s mine and mining activities in Çöpler, Turkey.
The complaint alleges that, throughout the Class Period, SSR Mining made materially false and misleading statements regarding its commitment to safety.
The truth began to emerge on February 13, 2024, when SSR Mining filed with the SEC a current report on a Form 8-K. Attached to this current report was a press release which announced, “a suspension of operations at the Çöpler mine as a result of a large slip on the heap leach pad.” That same day, Reuters released an article entitled “SSR Mining halts gold production in Turkey after landslide, shares tank.” The article stated that “Gold miner SSR Mining on Tuesday suspended production at a mine in eastern Turkey after a landslide, which left at least nine miners missing.”
During market hours on February 13, 2024, PBS Newshour released a story entitled “Workers at gold mine in Turkey missing, assumed trapped underground after landslide.” The article stated that “engineers warned that safety risks were frequently ignored and inspections not adequately carried out. . . . The disaster that took place in Erzincan Ilic Copler gold mine is a disaster that (was) coming.”
Following this news, the price of SSR Mining stock fell $5.22 per share, or 53.7%, to close at $4.50 on February 13, 2024.
Then, on February 27, 2024, after market hours, during the Company’s earnings call for the fourth quarter of 2023, Defendant Rodney P. Antal stated that “[s]ix personnel are being detained and are facing charges in relation to the incident and we're ensuring they receive the necessary support while respecting the Turkish legal process.”
On this news, the price of SSR Mining stock declined by $0.37 per share, or 7.93%, to close at $4.29 on February 28, 2024.
According to the complaint and throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the defendants materially overstated SSR Mining’s commitment to safety and the efficacy of its safety measures; and (2) SSR Mining engaged in unsafe mining practices which were reasonably likely to result in a mining disaster.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
