TORONTO (miningweekly.com) – Toronto- and New York-listed North American Palladium (NAP) said on Friday it was aware that an unnamed claimant intended to launch a class action lawsuit against it for alleged misrepresentations.
In a thinly worded statement, NAP said it had hired lawyers and intended to defend itself vigorously against the potential claim.
The company didn’t say who had applied to the Ontario Superior Court of Justice to start the class action suit, or how much it intended to sue NAP for, only that it was for "alleged misrepresentations in the company's public disclosure".
It made the announcement after the markets had closed, and a spokesperson wasn’t available to comment.
NAP operates the Lac des Iles palladium mine in northern Ontario, and also owns the Sleeping Giant gold mine located in the Abitibi region of Quebec.
Palladium is a silvery white metal used in car exhaust systems to reduce emissions, and is also used to make white gold for jewellery.