On March 15, 2024, Siskinds LLP filed a proposed securities class action against Endeavour Mining plc (TSX: EDV) (“Endeavour”), their former Chief Executive Officer, Sébastien de Montessus, and other defendants.
Endeavour is a mining company that owns and operates gold mines in West Africa. The class action alleges, among other things, that Endeavour Mining made misrepresentations and omissions about an irregular payment related to the sale of the Agbaou mine in 2021.
The plaintiff alleges that the misrepresentations were corrected on January 4, 2024, when Endeavour announced the termination of Sébastien de Montessus after an investigation into an irregular payment instruction of $5.9 million.
The proposed class action is brought on behalf of investors who acquired Endeavour securities between March 18, 2021 and January 4, 2024.
If you would like to be updated on developments in the Action, please click “join” above and complete the form. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds LLP, nor do you incur any obligations in connection with the Action.
FAQs
What is a class action?
A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
What does “certification” mean?
Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).
Do I have to pay anything to participate in the class action?
Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.
Can I join the class action?
There are no steps required to “join” the class action. Assuming you fall within the scope of the class definition, you are automatically included in the class action unless you “opt-out” (exclude yourself from the class action) after the lawsuit has been certified as a class action. Notices will be issued to the affected persons after the court certifies the class action.
Can I opt-out of the class action?
Once the class action has been authorized or certified, you will have the opportunity to opt-out of the class action within a period of time to be determined by the Court. If you exclude yourself, you will not be entitled to any compensation awarded under a settlement agreement or court order. You may however pursue your own action on an individual basis.
Generally, class members will wish to exclude themselves from a class action if they intend to bring their own individual action. In the majority of cases, it will be more economical to participate in the class action because the legal costs will be shared among a very large number of people.
What should I do to protect my rights?
To protect your rights, you should:
- Keep records of any purchases and sales of the common shares or other securities of Endeavour Mining between March 18, 2021 and January 4, 2024.
- While the class action is pending, notices will be disseminated to the class members advising that they should take certain steps by specific deadlines in order to preserve their rights. This information will also be made available on Siskinds’ website. These deadlines will usually be fixed by the courts, and will need to be adhered with in order to protect your rights.
- Register to receive updates on this class by clicking “join” above and filling out the form.
I still have a question. Who should I contact?
If you have any other questions, please complete the contact form below.