Berger Montague (Canada) PC invites Investors to discuss their legal rights about investing in Endeavour Mining PLC

TORONTO, Feb. 15, 2024 /CNW/ - Berger Montague (Canada) PC, a Toronto-based law firm that focuses on representing investors in cross-border shareholder disputes, is investigating Endeavour Mining PLC. (LSE: "EDV", TSX: "EDV", USOTC "EDVMF") and is subject to the disclosure rules created by the Province of British Columbia's Securities Act.

Endeavour Mining plc, together with its subsidiaries, operates as a gold mining company in West Africa. It has six operating assets, including the Boungou, Houndé, Mana, and Wahgnion mines in Burkina Faso; the Ity mine in Côte d\'Ivoire; the Lafigué project in Côte d\'Ivoire.

On January 22, 2021, Endeavour announced that it reached an agreement in principle to sell one of its mines (the "Agbaou" mine in West Africa) to Allied Gold Corp. ("Allied Gold"). The announcement stated that the purchase price would be potentially as high as $80 million and would be paid with a mix of cash, Allied Gold stock, and future royalties. The sale of the mine to Allied Gold was finalized on March 1, 2021. As part of the sale, Endeavour agreed to a $5.9 million cash receivable from Allied Gold.

During 2023, however, Allied Gold publicly reported a different situation, which likely triggered the internal investigation. 

On January 4-5, 2024, Endeavour announced that its CEO engaged in serious misconduct and had the $5.9 million directed to a different company a long time ago.  The market reaction was harsh and immediate; the price of Endeavour's securities dropped from C$28.89 to C$25.98, on record trading volume; within days from additional disclosures the share price dropped down to C$4.84, or over 16%. 

"While we are optimistic that Ian Cockerill, the new CEO of Endeavour will clean-up Endeavour, damage was done to investors and those that were negligent should be held responsible," said Andrew Morganti, who represents Canadian and German investors.

Andrew Morganti, a member of Berger Montague (Canada) PC served as the investors' co-lead counsel for investors in the first "statutory law" shareholder class action in the province of Alberta that is certified for investors that purchased shares on the London and Toronto stock exchanges; that judgment is identified as Stevens v. Ithaca Energy Inc., 2019 ABQB 474.

If you purchased shares of Endeavour between May 12, 2021 and January 4, 2024, and would like to know more about our investigation or the pending shareholder class action, please contact us. 

SOURCE Berger Montague (Canada) PC

Questions may be directed to: Berger Montague (Canada) PC, 330 Bay Street, Suite 1302, Toronto, ON M5H 2S8, Email: Jim Maro at [email protected] or Andrew Morganti at [email protected].