SOURCE: Izard Nobel LLP

November 11, 2011 15:29 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Agnico-Eagle Mines Limited

WEST HARTFORD, CT--(Marketwire - Nov 11, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased or otherwise acquired the securities of Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") (NYSE: AEM) between April 29, 2009 and October 19, 2011, inclusive (the "Class Period").

The Complaint charges that Agnico-Eagle and certain of its officers and directors violated federal securities laws. Specifically, the Company's financial results were artificially inflated by virtue of the fact that Agnico-Eagle concealed material adverse problems present at its Goldex Mine which eventually forced the Company to shut down the mine and write off a $260 million investment in the mine.

On October 19, 2011, Agnico-Eagle issued a press release entitled, "Agnico-Eagle's Goldex mine to suspend production during investigation and remediation of water inflow and ground stability issue; book value of Goldex to be written off." The Company announced that it was suspending mining operations and gold production at its Goldex Mine in Val d'Or, Quebec effective immediately. This unexpected closure forced Company to take a $260 million write off of its investment. On this news, Agnico-Eagle's stock fell $10.59, or 18.54%, to close at $46.51.

If you are a member of the class, you may, no later than January 6, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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