Goldcorp Inc. (TSX: G, NYSE: GG)
Ontario Superior Court of Justice, Court File No.: 17-CV-55-CP
This securities class action relates to the Defendants allegedly releasing core and non-core documents during the Class Period that omitted to disclose the material fact that commencing in October of 2014, Goldcorp Inc. had opened a dialogue with Mexican regulators concerning groundwater contamination and elevated selenium levels at its flagship Peñasquito mine in Mexico.
On August 24, 2016, the international news agency Reuters published an investigative report revealing that Goldcorp Inc. knew, but failed to disclose to investors that among other things: (1) there was a “long-running leak of contaminated water” at the tailings dam at the Peñasquito mine; (2) Goldcorp reported the rise in selenium levels in groundwater to the Mexican government in October 2014, after which time the contamination worsened, ultimately reaching more than five-times the maximum concentration permitted under Mexican law; and (3) the leaks and rise in selenium levels and Goldcorp’s admissions of such to the Mexican authorities had never been disclosed to the public or to locals living in the area.