Liberty Silver Corporation (OTC: LBSV) Investor Securities Class Action Lawsuit 09/11/2013

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Company Name(s): 
Liberty Silver
Case Name: 
Liberty Silver Shareholder Class Action Lawsuit 09/11/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
OTC: LBSV
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/11/2013
Class Period Begin: 
02/10/2010
Class Period End: 
10/05/2012
Court of Filing: 
U.S. District Court for the Southern District of Florida
Deadline To File for Lead: 
11/11/2013
Date Settled: 
03/10/2015
Settlement Amount: 
$1,000,000
Deadline to Participate in Settlement: 
06/23/2015
Summary: 

March 13, 2017 - The court ordered the authorization of the distribution of the net settlement fund.

August 17, 2015 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

March 10, 2015 - The court preliminarily approved the settlement.

February 27, 2015 - Parties filed stipulation of settlement.

February 11, 2015 - The court denied the defendants' motion to dismiss.

October 6, 2014 - The defendants filed a motion to dismiss.

August 4, 2014 - The lead plaintiff filed a third amended complaint.

June 17, 2014 - The court issued an order dismissing the additional individual defendant.

May 30, 2014 - The lead plaintiff filed a notice of voluntary dismissal of another individual defendant without prejudice.

May 27, 2014 - The court issued an order dismissing claims against the individual defendant with prejudice.

May 12, 2014 - The lead plaintiff filed a notice of voluntary dismissal of an individual defendant.

May 8, 2014 - Defendants filed a motion to dismiss.

March 24, 2014 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Liberty Silver Corporation (OTC: LBSV) common shares between February 2, 2010 and October 5, 2012. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 2, 2010 and October 5, 2012.

January 21, 2014 - The lead plaintiff and counsel were appointed.

November 12, 2013 - A lead plaintiff motion was filed.

September 27, 2013 - The plaintiff filed an amended complaint.

September 11, 2013 - An investor in shares of Liberty Silver Corporation (OTC: LBSV) filed a lawsuit in the U.S. District Court for the Southern District of Florida against Liberty Silver Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 1, 2008 through October 5, 2012.

According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of Liberty Silver Corporation (OTC: LBSV) between April 1, 2008 through October 5, 2012, that the defendants violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, including allegations of issuing a series of false or material misrepresentations to the market, as well as effectuating a "pump and dump" scheme, all of which had the effect of artificially inflating the market price of Liberty Silver Corporation's common stock between April 1, 2008 through October 5, 2012.

Liberty Silver Corporation reported that its Net Loss increased from $0.82 million for the 12 months period that ended on June 30, 2010 to $3.95 million for the 12 months period that ended on June 30, 2012.

Shares of Liberty Silver Corporation (OTC: LBSV) declined from $1.05 per share in late 2011 to $0.501 per share in May 2012.

Then between late August and early October 2012, shares of Liberty Silver Corporation (OTC: LBSV) grew from $0.75 per share to $1.58 per share.

On October 5, 2012, the United States Securities and Exchange Commission halted U.S. trading of Liberty Silver Corporation for a period of nearly two week. That same day, the Investment Industry Regulatory Organization of Canada issued a temporary halt to Canadian trading of Liberty Silver Corporation on the Toronto Stock Exchange.

Shares of Liberty Silver Corporation (OTC: LBSV) declined from $1.29 per share on October 26, 2012 to $0.397 per share on November 30, 2012 and continued to decline to as low as $0.0305 per share on September 17, 2013.