NEW YORK, Jan. 3, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today 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. ("Silvercorp" or the "Company") (NYSE: SVM) 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.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Silvercorp common stock during the Class Period. If you invested in Silvercorp common stock as described above during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than March 1, 2013.A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.