Slater Vecchio LLP and Siskinds LLP filed a class action lawsuit against Victoria Gold Corp. (TSX:VGCX) on August 13, 2024 in relation to a landslide on the heap leach pad of the company’s flagship Eagle Gold Mine on June 24, 2024. After Victoria Gold Corp. advised investors of the incident, shares of Victoria Gold Corp. declined sharply, falling approximately 80% in the days following the landslide.
Victoria Gold Corp. is a Canadian mining company that owns Eagle Gold Mine, located in Yukon Territory. The proposed class action lawsuit alleges that Victoria Gold Corp. made misrepresentations and acted in a manner oppressive to its shareholders.
All persons and entities who acquired common shares of Victoria Gold between and inclusive of August 13, 2021, and the issuance of the July 12, 2024, News Report and held some or all of those common shares until the release of the June 24, 2024 Press Release, the June 26, 2024 Statement, the June 27, 2024 Statement, and/or the July 12, 2024 News Report (the “Class Period”), other than Excluded Persons.
A class action is a legal case through which one person makes a claim to the Court on behalf of a similarly situated class of people who have the same or a similar legal claim. A class action seeks to hold a defendant or defendants responsible for their conduct that affects each member of the class by resolving issues that are common to the class in the same legal proceeding, instead of each class member bringing a claim individually.
The individual who first files the claim must ask the Court for permission to proceed as a class action. If permission is granted (referred as “authorized” in Quebec, and “certified” in all other Canadian provinces) and the case may proceed as a class action, the Court will appoint an individual as “Representative Plaintiff” to represent the best interests of the class during the litigation and define the class group. Each person who meets the criteria of the class group is considered a “Class Member”.
