NEW YORK, Jan. 2, 2013 (GLOBE NEWSWIRE) -- Gainey & McKenna announces 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. ("Silvercorp" or the "Company") (NYSE:SVM) 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.
If you wish to serve as lead plaintiff, you must move the Court no later than March 1, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. of Gainey & McKenna at (212) 983-1300, or via e-mail at firstname.lastname@example.org.
While Gainey & McKenna did not file the Complaint in this matter, the firm, with offices in New York and New Jersey, regularly prosecutes cases on behalf of shareholders in state and federal courts throughout the United States.
CONTACT: Gainey & McKenna Thomas J. McKenna, Esq. (212) 983-1300 email@example.comSource: Gainey & McKenna