NEW YORK, July 10, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a securities class action has been filed in the United States District Court for the Central District of California on behalf of purchasers of Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (NYSE:SLW) securities from March 30, 2011 through July 6, 2015, all dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for Silver Wheaton investors under the federal securities laws.
If you purchased Silver Wheaton securities during the Class Period, you may, no later than September 8, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Silver Wheaton Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that Silver Wheaton lacked adequate internal accounting controls over its financial reporting. Due to these inadequacies, the Company's financial statements contained errors concerning income tax owed from the income generated by its foreign subsidiaries.
On July 6, 2015, the Company reported that it would be audited by the Canada Revenue Agency to reassess its earnings from foreign subsidiaries. The Company expects to pay approximately $150 million in taxes and another $57 million in penalties after the Agency has estimated that the Company's reported income from its foreign subsidiaries should have been $567 million higher for fiscal years 2005 through 2010.
Following this announcement, the Company's share price dropped $2.08 per share, an 11.8% decline on heavy volume, to close at $15.46 per share on July 7, 2015.
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