Step 1

Draft

Step 2

Unite with Fellow Investors

Step 3

Choose the Best Attorney

Step 4

Provide Documents

Step 5

Follow Case Progress

Step 6

Get Payout

GATO.US

id: 898

Gatos Silver (GATO) Report Errors Case $21M Settlement

The process of distributing settlement funds to claimants has started.

$21,000,000

Cash Settlement

D. Colorado

Court

1:22-cv-00453

Case number

10/28/2020

Class period Start

01/25/2022

Class period End

06/19/2024

Claim deadline

Gatos agreed to pay $21M to investors to resolve the claims over errors in a technical report.

Case Details:

On January 25, 2022, Gatos Silver disclosed errors in a technical report, suggesting a potential 30-50% reduction in mineral reserve metal content. 

This news led to a 69% $GATO drop on January 26, 2022, and $GATO traded nearly 54% below the IPO price. 

Gatos was accused of not disclosing errors in the technical report and the overestimation of mineral reserves.

Gatos has now decided to end these allegations and pay a $21M settlement.

Case Type

US Securities Class Action

Case Status

Disbursement

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Filing date

02/22/2022

Plaintiffs

Michael Bilinsky

Attorneys

Bleichmar Fonti & Auld LLP

Defendants

Stephen Orr, Roger Johnson, Philip Pyle, Janice Stairs, Ali Erfan, Igor Gonzales, Karl Hanneman, David Peat, Charles Hansard, Daniel Muñiz Quintanilla

Judge

Lewis T. Babcock

Administrator

EPIQ

Settlement agreement date

2023-06-20

Court hearing date

05/31/2024

Exclusion deadline

05/05/2024

Objection deadline

05/10/2024

Class wide damages

$472,962,600

Trades matching type

FIFO

Disbursement date

07/18/2025

Frequently Asked Questions

Trusted by industry leaders

Endorsed by top professionals who trust our innovative solutions to drive impactful results.