Bernstein Liebhard LLP Announces That Only One Week Remains To File A Motion For Lead Plaintiff In A Class Action Pending Against Silver Wheaton Corporation
September 1, 2015
Bernstein Liebhard LLP announced that only one week remains to file a motion for lead plaintiff in a class action pending in the United States District Court for the Central District of California on behalf of purchasers of Silver Wheaton Corporation (“Silver Wheaton” or the “Company”) (NYSE: SLW) securities between March 30, 2011 and July 6, 2015, inclusive (the “Class Period”).
Silver Wheaton purchases and sells the by-product of silver and gold from operating mines. Plaintiff alleges that Silver Wheaton and certain of its senior executive officers issued a series of materially false and misleading statements to investors and/or failed to disclose that: (1) Silver Wheaton’s financial statements contained errors concerning income tax owed from the income generated by its foreign subsidiaries; (2) Silver Wheaton lacked adequate internal controls over its financial reporting; and (3) as a result of the foregoing, Silver Wheaton’s financial statements were materially false and misleading at all relevant times.
On July 6, 2015, Silver Wheaton announced that it had received a letter from the Canada Revenue Agency which indicated that Silver Wheaton’s tax in Canada should be increased for the 2005 to 2010 period by approximately CDN $715 million (US $567 million). On this news, the Company’s shares fell $2.08 per share, or 11.8%, to close on July 7, 2015 at $15.46 per share.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired Silver Wheaton securities during the Class Period. If you purchased or otherwise acquired Silver Wheaton securities as described above, and either lost money on the transaction or still hold the securities, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than September 8, 2015.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Silver Wheaton investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Central District of California.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.