Investor Lawsuit alleges False and Misleading Statements by Silver Wheaton Corp. (USA) (NYSE:SLW)

An investor, who purchased shares of Silver Wheaton Corp. (USA) (NYSE:SLW), filed a lawsuit in the U.S. against Silver Wheaton Corp. in connection with certain allegedly false and misleading statements made between March 30, 2011 and July 6, 2015.

Investors who purchased a significant amount of shares of Silver Wheaton Corp. (USA) (NYSE:SLW) have certain options and for certain investors are short and strict deadlines running. Deadline: September 8, 2015. NYSE:SLW investors should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 – 1554.

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 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 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 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 24, 2015 to as low as $12.07 per share.

Those who purchased shares of Silver Wheaton Corp. (USA) (NYSE:SLW) have certain options and should contact the Shareholders Foundation.