SSR Mining Inc.
| Company Name | SSR Mining Inc. |
| Stock Symbol | SSRM |
| Class Period | February 23, 2022 to February 27, 2024 |
| Lead Plaintiff Motion Deadline | May 17, 2024 |
On February 13, 2024, SSR Mining announced that it was suspending operations at its Çöpler mine in Turkey “as a result of a large slip on the heap leach pad.” A Reuters article published later that same day specified that the mine had suspended production “after a landslide, which left at least nine miners missing.” Soon after, news reports emerged that there had been safety warnings at the mine which were “frequently ignored and inspections not adequately carried out.” Turkish Engineers stated that the “disaster that took place [at the mine] is a disaster that [was] coming.”
On this news, SSR Mining’s stock price fell $5.22, or 53.7%, to close at $4.50 per share on February 13, 2024, thereby injuring investors.
Then, on February 16, 2024, news outlets reported that eight SSR Mining employees had been “detained amid an investigation into [the] landslide.” Then, on February 18, 2024, Sky News reported that the Turkey director and senior vice president of operations of SSR Mining had also been detained.
On this news, SSR Mining’s stock price fell $0.29, or 5.9%, to close at $4.62 per share on February 20, 2024.
Then, on February 27, 2024, SSR Mining conducted its fourth quarter 2023 earnings call, stating that “the Çöpler incident will have an impact on [the Company’s] financial results in 2024.”
On this news, SSR Mining’s stock price fell $0.37, or 7.9%, to close at $4.29 per share on February 28, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants materially overstated SSR Mining’s commitment to safety and the efficacy of its safety measures; (2) SSR Mining engaged in unsafe mining practices which were reasonably likely to result in a mining disaster; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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