Freeport-McMoRan(US:FCX) Globenewswire·2026-01-02 15:45Core Viewpoint - Freeport-McMoRan Inc. is facing a class action lawsuit due to alleged violations of the Securities Exchange Act of 1934, primarily related to safety issues at its Grasberg mine in Indonesia, which resulted in worker fatalities and significant stock price declines [1][3][5]. Group 1: Lawsuit Details - The class action lawsuit is titled Reed v. Freeport-McMoRan Inc. and covers purchasers of Freeport-McMoRan securities from February 15, 2022, to September 24, 2025 [1]. - The lawsuit alleges that Freeport-McMoRan failed to ensure adequate safety measures at the Grasberg Block Cave mine, leading to heightened risks for workers [3]. - On September 9, 2025, Freeport-McMoRan reported a significant incident at the Grasberg mine that restricted evacuation routes for workers, resulting in a nearly 6% drop in stock price [4]. - Following the tragic fatalities of two team members on September 24, 2025, the company disclosed that production could be approximately 35% lower than pre-incident estimates for 2026, causing a nearly 17% decline in stock price [5]. - An article published on September 25, 2025, highlighted the potential strain on Freeport-McMoRan's relationship with the Indonesian government due to the production halt, leading to an additional stock price drop of over 6% [6]. Group 2: Legal Process and Representation - Investors who purchased Freeport-McMoRan securities during the class period can seek appointment as lead plaintiff, representing the interests of the class [7]. - The lead plaintiff will have the authority to select a law firm for litigation, but participation as lead plaintiff is not necessary for investors to share in any potential recovery [7]. Group 3: Company Background - Freeport-McMoRan is engaged in mining operations across North America, South America, and Indonesia, with significant operations at the Grasberg Copper and Gold Mine in Papua [2].