Investor Sues Canadian Mining Co. Over $260M Writedown

Law360, New York (November 9, 2011, 5:52 PM EST) -- An investor in Agnico-Eagle Mines Ltd. lodged a putative class action in New York on Monday accusing the Canadian mining company of concealing structural problems at one of its mines that eventually led to a $260 million writedown.

Jerome Stone, who purchased shares of Agnico-Eagle on the New York Stock Exchange, filed the suit against the company and several of its senior officers and directors in New York federal court.

The suit alleges that Agnico-Eagle violated Rule 10(b)5 of the Securities Exchange Act because it knew...
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