Silvercorp Metals (SVM) Securities Fraud Class Action Lawsuit
Silvercorp (SVM) securities fraud class action summary
Silvercorp operates, develops, acquires and explores for silver mineral properties in China and Canada. Silvercorp is accused of vastly overstating its operations and revenues from its China operation. One mine in China, called the “Ying Project” or the “Ying Mine” accounts for roughly 85% of all of Silvercorp’s revenues. On September 13, 2011, Alfredlittle.com published a report that questioned 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 September 14, 2012, Silvercorp admitted that the figures contained in the Alfredlittle.com report accurately represented the true production reported to local authorities.
Recent news reports chronicle the tail of a Chinese resident who aided in generating the report. According to reports, this person spent 8 months in jail as Silvercorp well-connected executive team in China bribed Chinese police.
Obvious, serious questions have been raised about accuracy of Silvercorp disclosures to North American investors.
Did Silvercorp knowing overstate revenue figures to North American investors?
Did Silvercorp engage in a scheme to hide the actual numbers from the SEC and North American investors?
What are the actual production numbers from the Ying Mine?
Silvercorp Metals (SVM) securities fraud class action investigation
Our investigation focuses on whether Silvercorp senior management mislead SVM shareholders about its operations in China and the Ying Mine and whether Silvercorp managment knowingly overstaed revenues from the Ying Mine. If you bought SVM securities and would like to learn more about possible claims, please contact us via the contact form or call George Pressly Esq. at 1-800-631-6234.