Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Silver Wheaton Corp.
Oklahoma City, OK (July 10, 2015) – On July 8, 2015, a securities class action lawsuit was filed in the United States District Court for the Central District of California against Silver Wheaton Corp. (NYSE: SLW). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 30, 2011 through July 6, 2015. More specifically, this litigation was filed because the Company 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, the Company announced that it received a proposal letter from the Canada Revenue Agency regarding a proposal to reassess the Company under various rules contained in the Income Tax Act (Canada). If the Company fails to resolve this matter at the Proposal stage, the Canada Revenue Agency may proceed to issue notices of reassessment for one or more of the Relevant Taxation years. The Company currently estimates on a preliminary basis that it will pay approximately $150 million in taxes and another $57 million in penalties.
After the announcement, the Company's share price declined $2.08 per share to close at $15.46 per share on July 7, 2015.
Plaintiff seeks to recover damages on behalf of all Silver Wheaton Corp. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, September 8, 2015 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Fri, July 10, 2015
by Robin Hester filed under