Silver Wheaton Corp (USA) (NYSE: SLW) Investor Securities Class Action Lawsuit 07/08/2015

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Company Name(s): 
Silver Wheaton
Case Name: 
Silver Wheaton Shareholder Class Action Lawsuit 07/08/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: SLW
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/08/2015
Class Period Begin: 
03/30/2011
Class Period End: 
07/06/2015
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
09/08/2015
Date Settled: 
03/09/2020
Settlement Amount: 
$41,500,000
Deadline to Participate in Settlement: 
06/13/2020
Summary: 

March 9, 2020 - The court preliminarily approved the settlement.

February 11, 2020 - Parties filed a stipulation of settlement.

April 12, 2018 - The lead plaintiff filed a second amended consolidated complaint.

June 6, 2016 - The court denied defendants' motion to dismiss.

January 29, 2016 - Defendants filed a motion to dismiss.

December 18, 2015 - The lead plaintiff filed an amended consolidated complaint.

October 19, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

July 8, 2015 - An investor in shares of Silver Wheaton Corp (USA) (NYSE: SLW) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Silver Wheaton Corp in connection with certain allegedly false and misleading statements made between March 30, 2011 and July 6, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Silver Wheaton Corp (USA) (NYSE: SLW) common shares between March 30, 2011 and July 6, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants between March 30, 2011 and July 6, 2015 issued materially false and misleading statements to investors and/or failed to disclose that Silver Wheaton Corp’s financial statements contained errors concerning income tax owed from the income generated by its foreign subsidiaries, that Silver Wheaton Corp lacked adequate internal controls over its financial reporting, and that as a result of the foregoing, Silver Wheaton Corp’s financial statements were materially false and misleading at all relevant times.

On March 22, 2012, Silver Wheaton Corp announced its results for the fourth quarter and year ended December 31, 2011. Silver Wheaton Corp reported that its annual Total Revenue rose from $423.35 million in 2010 to $730 million in 2011 and that its respective Net Income increased from $153.38 million to $550.03 million.

Shares of Silver Wheaton Corp (USA) (NYSE: SLW) grew from $24.63 per share in May 2012 to as high as $40.39 per share in November 2012.

On March 21, 2013, Shares of Silver Wheaton Corp reported its 2012 operating and financial results. Silver Wheaton Corp reported that its annual Total Revenue rose from $730 million in 2011 to $849.56 million in 2012 and that its respective Net Income increased from $550.03 million to $586.04 million.

On March 18, 2015, Silver Wheaton Corp reported its fourth quarter and full year results. Silver Wheaton Corp reported that its annual Total Revenue declined from $706.47 million in 2013 to $620.18 million in 2014 and that its Net Income declined from $375.50 million in 2013 to $199.83 million in 2014.

Then on July 6, 2015, Silver Wheaton Corp announced that it has received a proposal letter dated July 6, 2015 (the "Proposal") from the Canada Revenue Agency (the "CRA") in which the CRA is proposing to reassess Silver Wheaton Corp under various rules contained in the Income Tax Act (Canada).

Silver Wheaton Corp said that the Proposal outlines CRA's position that the transfer pricing provisions of the Income Tax Act (Canada) relating to income earned by its foreign subsidiaries outside of Canada should apply such that the income of Silver Wheaton Corp subject to tax in Canada should be increased for the 2005 to 2010 taxation years (the "Relevant Taxation Years") by approximately Cdn$715 million (US$567 million) and that the issuance of the Proposal does not require Silver Wheaton Corp to pay any amount to the CRA at this time. Silver Wheaton Corp. announced that its management believes that the Company has filed its tax returns and paid applicable taxes in compliance with Canadian tax law and that Silver Wheaton Corp intends to vigorously defend its tax filing positions and is now in the process of preparing its response to the Proposal. Shares of Silver Wheaton Corp (USA) (NYSE: SLW) declined on July 7, 2015 to as low as $15.18 per share.