Lundin Mining Corp. (LUN.TO) announced that the Supreme Court of Canada has upheld a 2023 Ontario Court of Appeal decision permitting a proposed securities class action to proceed. The case relates to the timing of disclosure regarding a 2017 pit wall instability and rockslide at the Company's Candelaria Mine in Chile.
With this ruling, the certified class action can now move forward before the Ontario Superior Court of Justice. Lundin Mining emphasized that no decision has been made on the merits of the case and stated its intention to vigorously defend the action.
The Company originally disclosed the pit wall instability and rockslide in its regular operational update to investors on November 29, 2017. The claim alleges that these events should have been reported earlier.
The legal debate centers on whether the incident constituted a "material fact" or a "material change" under the Ontario Securities Act—a distinction that determines the timing and nature of disclosure obligations for publicly traded companies.
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