WILMINGTON, Del., Aug. 24, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed in the U.S. District Court, Central District of California, on behalf of investors of Silver Wheaton Corp. (NYSE:SLW) (“Silver Wheaton” or the “Company”) that held shares between March 30, 2011 and July 6, 2015 (the “Class Period”). 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 copy of the complaint is available from the Court or from Andrews & Springer LLC. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that Silver Wheaton officials failed to disclose that the Company's financial statements contained errors concerning income tax owed from the income generated by its foreign subsidiaries. The class action further alleges that Silver Wheaton officials issued annual reports, SEC filings, and other statements that failed to disclose material adverse information and misrepresented the truth about Silver Wheaton's finances. These reports and filings were allegedly designed to influence the market for Silver Wheaton securities, and as a result, artificially inflated the market price of Silver Wheaton securities. Additionally, the complaint states that the company lacked adequate internal controls over its financial reporting.
On July 6, 2015, the company issued a press release announcing that the Canada Revenue Agency ("CRA") was proposing to reassess Silver Wheaton under various rules of the Income Tax Act (Canada). CRA determined that Silver Wheaton's taxable income should be increased by approximately $567 million for the years 2005 to 2010 for income generated by its foreign subsidiaries. As a result, Silver Wheaton estimates it would be subject to taxes of approximately $150 million and transfer pricing penalties of approximately $57 million, as well as interest and other penalties of an unknown amount. Silver Wheaton executives caused Silver Wheaton securities to trade at artificially inflated prices by improperly concealing this information.
As a result of this news, Silver Wheaton’s stock price fell approximately 12% (equivalent to $2.08 per share) on July 7, 2015, causing shareholders to incur millions in losses.
If you wish to serve as lead plaintiff, you must move the Court no later than September 8, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.