NEW YORK, Aug. 24, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Silver Wheaton Corp. (“Silver Wheaton” or the “Company”) (NYSE:SLW) and certain of its officers. The class action, filed in United States District Court, Central District of California, is on behalf of a class consisting of all persons or entities who purchased Silver Wheaton securities between March 30, 2011 and July 6, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Silver Wheaton securities during the Class Period, you have until September 7, 2015 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, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Silver Wheaton is a precious metal streaming company. In exchange for upfront payments, the Company purchases the by-product of silver or gold production of mines that SLW does not own or operate. SLW derives approximately 60% of its revenue from the sale of silver and 40% of its revenue from the sale of gold.
The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) SLW’s financial statements contained errors concerning income tax owed from income generated by its foreign subsidiaries; (2) the Company lacked adequate internal controls over its financial reporting; and (3) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On July 6, 2015, the Company issued a press release, announcing, among other things, that the Canada Revenue Agency (“CRA”) is taking the position that the transfer pricing provisions of the Income Tax Act (Canada) relating to income earned by foreign subsidiaries outside of Canada should be applied such that SLW’s taxable income should be increased approximately $567 million for the period between 2005 and 2010.
On this news, the Company’s shares fell $2.08 per share, or almost 12%, to close at $15.46 per share on July 7, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.