Baja Mining Securities Class Action

On April 20, 2012, Baja Mining delivered a bombshell announcement to investors: a $400 million dollar cost overrun and project delays in the development of its Boleo mine project. What followed was a massive reduction in the value of Baja’s publicly traded stock price and a commensurate loss of investment value to holders of Baja securities.

This action was commenced on July 26, 2012 to recover those losses on behalf of shareholders. The case alleged that the company and certain of its officers and directors breached the Ontario Securities Act by making misrepresentations and/or by failing to make timely disclosure of those significant cost overruns and project delays.

 The action was certified as a class proceeding and leave was granted under s. 138.3 of the Ontario Securities Act on April 22, 2014. After further litigation, the case was successfully settled for $11,000,000 on November 6, 2015.

 A successful notice, claims and distribution process followed resulting in the distribution of the settlement recoveries to class members. Payments were distributed to class members in the summer of 2017.