NEW YORK, Jan. 18, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Silvercorp Metals, Inc., ("Silvercorp" or the "Company") (NYSE:SVM) and certain of its officers. The class action filed, in United States District Court, Southern District of New York, and docketed under 13-Civ-279, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Silvercorp between June 24, 2010 and September 13, 2011, both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Silvercorp securities during the Class Period, you have until March 1, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Silvercorp Metals engages in the acquisition, exploration, development, and mining of precious and base metal properties in China and Canada.
The Complaint alleges that throughout the Class Period, the Company overstated the quality and quantity of its ore reserves. Silvercorp's own filings with the Chinese authorities demonstrated that it had lower production than represented in its filings with the SEC.
On September 13, 2011, a report was published disclosing that Silvercorp had been misleading the investing public about the quality and quantity of its minerals production. When the truth regarding the quantity and quality of Silvercorp's minerals production was disclosed, Silvercorp's stock price fell, $1.54 per share or nearly 20% to close at $6.30.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.