What Is the First Majestic Silver Corp Class Action Lawsuit About?
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of First Majestic Silver Corp. (AG) (“First Majestic” or the “Company”) (NYSE: AG). Investors who purchased First Majestic securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether First Majestic and certain of its officers and/or directors have violated federal securities laws.
On March 20, 2023, First Majestic issued a press release announcing that “it is taking action to reduce overall costs by reducing investments, temporarily suspending all mining activities and reducing its workforce at [the Company’s] Jerritt Canyon [Gold Mine] effective immediately.” The press release stated that despite the Company’s efforts to “increas[e] underground mining rates in order to sustainably feed the processing plant at a minimum of 3,000 tpd in order to generate free cash flow”, “mining rates have remained below this threshold and cash costs per ounce have remained higher than anticipated primarily due to ongoing challenges such as contractor inefficiencies and high costs, inflationary cost pressures, lower than expected head grades and multiple extreme weather events affecting northern Nevada, which have compounded conditions and caused material headwinds for the operation.” On this news, First Majestic’s stock price fell $1.68 per share, or 22.58%, to close at $5.76 per share on March 21, 2023.
If you are aware of any facts relating to this investigation, or purchased First Majestic Silver shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
How Did First Majestic Silver Corp Stock React to the Disclosures?
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We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
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