WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Silvercorp Metals, Inc. (“Silvercorp” or the “Company”) (NYSE: SVM) between June 24, 2010 and September 13, 2011, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Silvercorp during the Class Period, or purchased shares prior to the Class Period and still hold Silvercorp, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/silvercorp-metals-inc-svm.
Silvercorp operates, develops, acquires and explores for silver mineral properties in China and Canada. The Company is China’s largest primary silver producer. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the Defendants misled investors about the Company’s production levels of silver, lead and zinc from the Ying Mine, the Company’s primary revenue-generating asset. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on September 13, 2011, a short-selling analyst firm, Alfredlittle.com, issued a report that called into question the veracity of Silvercorp’s claims regarding production at the Ying Mine. According to the report, Silvercorp’s SEC filings overstated its actual production of silver by 306%, its production of lead by 306%, and its production of zinc by 18%. On this news, shares in Silvercorp fell almost 20%, closing at $6.30 per share on September 13, 2011, from a close of $7.84 per share on September 12, 2011, on volume of over 35 million shares. On September 14, 2012, the Company admitted that the figures contained in the Alfredlittle.com report accurately represented the true production reported to local authorities.
If you wish to serve as lead plaintiff, you must move the Court no later than March 1, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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