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Silvercorp announces Ontario Court of Appeal upholds ruling dismissing proposed securities class action lawsuit
Silvercorp announces Ontario Court of Appeal upholds ruling dismissing proposed securities...
About this update from Silvercorp Metals Inc.
[{"type":"text","content":"\n\n\n\nSilvercorp announces Ontario Court of Appeal upholds ruling dismissing proposed securities class action lawsuit\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSilvercorp announces Ontario Court of Appeal upholds ruling dismissing proposed securities class action lawsuit\nCanada NewsWire\nVANCOUVER, Aug. 26, 2016\n\n\n\nTrading Symbol: TSX: SVM\n\n\n\nVANCOUVER, Aug. 26, 2016 /CNW/ - Silvercorp Metals Inc. (TSX: SVM) (\"Silvercorp\" or the \"Company\") announces that the Ontario Court of Appeal has dismissed the plaintiff's appeal brought on behalf of shareholders seeking to certify a securities class action originally filed in May 2013 against the Company, its Chairman and Chief Financial Officer at the time. In October 2015, the Ontario Superior Court of Justice dismissed the plaintiff's motion for leave and certification of the claim as a class action, and awarded the Company costs in the amount of $500,000. The plaintiff appealed the decision and costs award to the Ontario Court of Appeal. On August 24, 2016, the Ontario Court of Appeal upheld the rulings made by the Ontario Superior Court and has awarded a further $75,000 in costs to the Company for the appeal.\n\nA copy of the reasons issued by the Ontario Court of Appeal can be found here (http://www.ontariocourts.ca/decisions/2016/2016ONCA0641.pdf)\n\nAbout Silvercorp \n\nSilvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China. The Company's vision is to deliver shareholder value by focusing on the acquisition of under developed projects with resource potential and the ability to grow organically.  For more information, please visit our website at www.silvercorp.ca.\n\nCAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS\n\nCertain of the statements and information in this press release constitute \"forward-looking statements\" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and \"forward-looking information\" within the meaning of applicable Canadian provincial securities laws. Any statements or information that expre...