Key Developments: Silvercorp Metals Inc (SVM)
2.74USD
24 May 2013
$-0.03 (-1.08%)
$2.77
$2.73
$2.82
$2.71
735,677
1,370,865
$6.86
$2.48
Latest Key Developments (Source: Significant Developments)
Silvercorp Metals Inc Declares Quarterly Cash Dividend Of CAD0.025
Silvercorp Metals Inc announced that its Board of Directors has declared a quarterly dividend of CAD0.025 per share (CAD0.10 per share on an annual basis) to be paid on or before July 19, 2013, to shareholders of record at the close of business on June 28, 2013. The dividends are considered eligible dividends for Canadian tax purposes. Full Article
Silvercorp Metals Inc Declares Quarterly Cash Dividend Of CAD0.025
Silvercorp Metals Inc announced that its Board of Directors has declared a quarterly dividend of CAD0.025 per share (CAD0.10 per share on an annual basis) to be paid on or before April 22, 2013, to shareholders of record at the close of business on March 28, 2013. Full Article
Silvercorp Metals Inc Issues FY 2014 Production Guidance
Silvercorp Metals Inc announced that for fiscal 2014, the Company expects to increase ore production to 1.5 million tonnes, and will produce 6.7 million ounces of silver, 20,800 ounces of gold, 104.7 million pounds of lead and zinc, 300,000 pounds of tin and 20.5 million pounds of sulphur. Full Article
Silvercorp Metals Inc Announces Share Repurchase Program
Silvercorp Metals Inc announced a Normal Course Issuer Bid to acquire up to 8.5 million common shares from February 1, 2013 to January 31, 2014, representing approximately 5% of the Company's 170,766,058 common shares currently issued and outstanding has been approved by the TSX. The Company is taking this action because it believes that prevailing market conditions have resulted in Silvercorp's shares being undervalued relative to the immediate and long term value of Silvercorp's portfolio of producing and development properties in China and Canada. Purchases will be made at the discretion of the directors at prevailing market prices, through the facilities of the TSX and the NYSE and other alternative Canadian marketplaces in compliance with regulatory requirements. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program. Silvercorp may discontinue purchases at any time. The Company intends to hold all shares acquired under the issuer bid for cancellation. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Potential Securities Fraud At Silvercorp Metals Inc
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Silvercorp Metals Inc. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that production levels of silver, lead and zinc from Silvercorp's Ying Mine, the Company's primary revenue-generating asset, were lower than had been represented. 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. Full Article
Pomerantz Law Firm Announces Class Action Against Silvercorp Metals Inc and Certain Officers
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against Silvercorp Metals Inc ("Silvercorp" or the "Company") and certain of its officers. The class action filed, in United States District Court, Southern District of New York, and docketed under 13-Civ-279, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Silvercorp between June 24, 2010 and September 13, 2011, both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Full Article
Rigrodsky & Long, P.A. Files Securities Fraud Class Action Lawsuit Against Silvercorp Metals Inc
Rigrodsky & Long, P.A. announced 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 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). 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. Full Article
Bernstein Liebhard LLP Files Class Action Lawsuit Against Silvercorp Metals Inc
Bernstein Liebhard LLP announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of a class (the Class) of purchasers of Silvercorp Metals Inc common stock between June 24, 2010 through September 13, 2011, inclusive (the Class Period). The Complaint charges that Silvercorp overstated the level of silver production at its mines, as well as the quality and quantity of its ore reserves. On September 13, 2011, analyst firm Alfred Little issued a report claiming that Silvercorp had inflated the size of its revenue, earnings, assets, and operations in its reports filed with the SEC. This adverse disclosure caused Silvercorp's share price to drop, damaging investors. Full Article
Gainey & McKenna Announces Filing Of Securities Fraud Class Action Lawsuit Against Silvercorp Metals Inc
Gainey & McKenna announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased or acquired Silvercorp Metals Inc securities between June 24, 2010 through September 13, 2011, inclusive (the Class Period), alleging violations of the Securities Act of 1934 against the Company, certain of its officers and directors (the Complaint). The Complaint charges that Silvercorp overstated the level of silver production at its mines, as well as the quality and quantity of its ore reserves. On September 13, 2011, analyst firm Alfred Little issued a report claiming that Silvercorp had inflated the size of its revenue, earnings, assets, and operations in its reports filed with the SEC. This adverse disclosure caused Silvercorp's share price to drop, damaging investors. Full Article
Silvercorp Metals Inc Files Securities Fraud Class Action Against Silvercorp Metals Inc
The Rosen Law Firm announced that it has filed a securities fraud class action on behalf of investors purchasing shares of Silvercorp Metals Inc during the period from June 24, 2010 through September 13, 2011. The lawsuit alleges that Silvercorp and certain of its management violated the federal securities laws by issuing false and misleading financial information. The case is filed in the U.S. District Court for the Southern District of New York. The complaint charges that Silvercorp overstated the level of silver production at its mines, as well as the quality and quantity of its ore reserves. On September 13, 2011, analyst firm Alfred Little issued a report claiming that Silvercorp had inflated the size of its revenue, earnings, assets, and operations in its reports filed with the SEC. This adverse disclosure caused Silvercorp's share price to drop, damaging investors. Full Article
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