Saxena White P.A. Files a Securities Fraud Class Action
Recent Cases
Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of investors who purchased Agnico-Eagle Mines Limited common stock on the New York Stock Exchange between April 29, 2010 and October 19, 2011, inclusive.
The action charges Agnico-Eagle and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that, throughout the Class Period, the Company's financial results were artificially inflated by virtue of the fact that the Company concealed material adverse problems present at its Goldex Mine which eventually forced the Company to shut down the mine and write off a $260 million investment in the mine.
On October 19, 2011, Agnico-Eagle issued a press release titled, "Agnico-Eagle's Goldex mine to suspend production during investigation and remediation of water inflow and ground stability issue; book value of Goldex to be written off." The Company announced that it was suspending mining operations and gold production at its Goldex mine in Val d'Or, Quebec effective immediately. This unexpected closure forced Company to take a $260 million write off of its investment. This news shocked the market, resulting in an 18.54% decline in the value of Agnico-Eagle's stock on October 19th after the news was revealed. On that day, the shares of Agnico-Eagle closed at $46.51, down $10.59, on unusually high New York Stock Exchange volume.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the shares of Agnico-Eagle Mines Limited between the period of April 29, 2010 and October 19, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests.
If you purchased Agnico-Eagle Mines Limited during the Class Period of April 29, 2010 and October 19, 2011, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than January 6, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Tel: (561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com
Related listings
-
Supreme Court looks at warrantless GPS tracking
Recent Cases 11/08/2011The Supreme Court has expressed deep reservations about police use of GPS technology to track criminal suspects without a warrant. But the justices appeared unsettled Tuesday about how or whether to regulate GPS tracking and other high-tech surveilla...
-
Corzine steps down at collapsed firm, hires lawyer
Recent Cases 11/07/2011He set out to create a mini-Goldman Sachs. In the end, he built a mini-Lehman Brothers. Former New Jersey Gov. Jon Corzine's resignation Friday from the securities firm he led capped a week of high drama and swift failure. MF Global collapsed into ba...
-
Texas woman on death row gets new sentencing trial
Recent Cases 11/03/2011A Texas appeals court says one of 10 women on the state's death row should get a new punishment hearing after her attorneys said prosecutors withheld evidence at her 2005 trial. Chelsea Richardson was convicted of masterminding the slayings of her bo...
Workers’ Compensation Subrogation of Administrative Fees and Costs
When a worker covered by workers’ compensation makes a claim against a third party, the workers’ compensation insurance retains the right to subrogate against any recovery from that third party for all benefits paid to or on behalf of a claimant injured at work. When subrogating for more than basic medical and indemnity benefits, the Texas workers’ compensation subrogation statute provides that “the net amount recovered by a claimant in a third‑party action shall be used to reimburse the carrier for benefits, including medical benefits that have been paid for the compensable injury.” TX Labor Code § 417.002.
In fact, all 50 states provide for similar subrogation. However, none of them precisely outlines which payments or costs paid by a compensation carrier constitute “compensation” and can be recovered. The result is industry-wide confusion and an ongoing debate and argument with claimants’ attorneys over what can and can’t be included in a carrier’s lien for recovery purposes.
In addition to medical expenses, death benefits, funeral costs and/or indemnity benefits for lost wages and loss of earning capacity resulting from a compensable injury, workers’ compensation insurance carriers also expend considerable dollars for case management costs, medical bill audit fees, rehabilitation benefits, nurse case worker fees, and other similar fees. They also incur other expenses in conjunction with the handling and adjusting of workers’ compensation claims. Workers’ compensation carriers typically assert, of course, that, they are entitled to reimbursement for such expenditures when it recovers its workers’ compensation lien. Injured workers and their attorneys disagree.