Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
Friday, July 10, 2015
Faruqi & Faruqi Alert: Silver Wheaton Corp.
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Silver Wheaton To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Silver Wheaton Corp. (“Silver Wheaton” or the “Company”) (NYSE: SLW) of the September 8, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Silver Wheaton securities between March 30, 2011 and July 6, 2015 (the “Class Period”).
The complaint focuses on whether 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.
After the 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.
If you invested in Silver Wheaton stock or options between March 30, 2011 and July 6, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Silver Wheaton’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.