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Mining Company Confronts Suit After Disclosure

Law360 (October 12, 2007, 12:00 AM EDT) -- Two days after announcing it would have to restate its financial statements, Atlas Mining Company was faced with a proposed class action lawsuit filed by a shareholder.

The lawsuit, which was filed Thursday in the U.S. District Court for the District of Idaho, accused the company of making materially false and misleading financial statements.

The suit alleged that the company misled investors with financial statements for the fiscal years ending on the last day of 2004, 2005 and 2006, as well as reports at the end...
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