NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Idaho on behalf of all persons or entities who purchased or otherwise acquired Perpetua Resources Corp. (“Perpetua” or the “Company”) (NASDAQ: PPTA) securities between April 17, 2024 and February 13, 2025, inclusive (the “Class Period”).
The Complaint alleges that Defendants created the false impression that they possessed reliable information pertaining to the increase in initial capital expense for the Stibnite Gold Project while also minimizing the risk from the impact of inflation. In truth, Perpetua’s suggestion of a mere 10% to 20% increase in cost fell well short of reality; the true impact of inflation, increased costs, and, most importantly, decisions management made resulted in a drastic increase in the initial capital expenditure required for the Stibnite Gold Project.
The Complaint also alleges that on February 13, 2025, Perpetua published an updated cash flow model for the Stibnite Gold Project, unveiling additional capital expenses of $952 million, a more than 75% increase from the original figures presented to investors and well beyond the suggested 10-20% increase contemplated by Defendants. The Company attributed these increased costs on inflation, indirect costs, higher mining costs, and direct decisions Defendants made with respect to the project, including the choice to change the design of the electrical poles from timber to steel and the decision to “buy-and-build instead of lease the oxygen plant.” On this news, the price of the Company’s common stock declined from $11.97 per share on February 13, 2025, to $9.29 per share on February 14, 2025, a decline of about 22.39%.
Investors who purchased or otherwise acquired shares of Perpetua should contact the Firm prior to the May 20, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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