(TSX: THO)
THE CLAIM PERIOD HAS COMMENCED.
Please ensure you file your claim before February 2, 2024 at http://www.TahoeCanadianSettlement.ca
On October 4, 2018, a proposed class proceeding was commenced in the Ontario Superior Court of Justice against Tahoe Resources Inc. (Tahoe) and its former CEO and director, Ronald W. Clayton (Action). Siskinds LLP is counsel to the plaintiff in the Action.
The Action alleges that a press release issued by Tahoe on May 24, 2017 contained misrepresentations. The press release concerned the commencement of an action against the Guatemalan Ministry of Energy and Mines (MEM) by Centro de Acción Legal Ambiental y Social de Guatemala (CALAS), in the Supreme Court of Guatemala. It is alleged that the May 24, 2017 press release did not provide adequate disclosure about the CALAS proceeding.
A proposed settlement of the Action has been reached. For important details, including how to make a claim for compensation, opt out of the action and object to the settlement, class counsel’s fee request and the proposed Plan of Allocation please see the “Developments” section below.
Developments
The parties have reached a proposed settlement of this class action for US$13.5 million to resolve all claims asserted on behalf of persons who acquired Tahoe shares between May 24, 2017 and July 5, 2017 on any Canadian exchange (including the Toronto Stock Exchange) or any Canadian alternative trading system, or on any exchange or trading platform outside Canada and the United States (“Canadian Class”). You are presumed to be a member of the Canadian Class if you purchased Tahoe shares during this period and your trading records have the ticker symbol “THO” for those purchases.
A separate settlement (“U.S. Settlement”) has been reached concurrently in the securities class action (“U.S. Action”) in the United States District Court, District of Nevada (“U.S. Court”) on behalf of persons who purchased or otherwise acquired Tahoe’s common stock in the United States or on the New York Stock Exchange between April 3, 2013 and August 24, 2017, inclusive (U.S. Class Member”).
The settlement has been approved by the Ontario Superior Court of Justice. A condition for the settlement to be final is approval by the U.S. Court. The U.S. Court has not yet approved the Settlement Agreement. For more details please see:
- The Long Form Notice of Settlement and Fee approval (click here); and
- The Short Form Notice of Settlement (click here).
The claims deadline has been extended. To be eligible for compensation from the settlement, Canadian Class Members must submit a Claim Form to the Canadian Claims Administrator no later than February 2, 2024. Please visit www.TahoeCanadianSettlement.ca for further details or refer to the Short Form and Long Form Notices.
The U.S. settlement is being administered separately. If you are a U.S. Class Member, visit www.USTahoeSettlement.com for more information about that settlement.
The Settlement Agreement is available by clicking here.
The Plan of Allocation is available by clicking here.
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. Such people are commonly referenced as “class members.” Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
Who is affected by the Tahoe class action?
You are affected by this proposed class action and may be a “member” of the proposed class if you acquired Tahoe securities from and including May 24, 2017 through to and including July 5, 2017 on any Canadian exchange (including the Toronto Stock Exchange) or any Canadian alternative trading system, or on any exchange or trading platform outside Canada and the United States.
Do I have to pay anything to participate in the class action?
No. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.