Stock Rise Can't Save Silver Co. In Tax Dispute, Investors Say

Law360 (November 7, 2019, 8:27 PM EST) -- A Canadian silver company accused of concealing a $207 million tax bill from investors cannot claim that a rise in its stock price three years later offset their damages, the investors have told a California federal court.

Federal law states that damages in securities actions are calculated using the mean stock price 90 days after an alleged misrepresentation is corrected, members of a class action against Silver Wheaton Corp. said in a motion filed Wednesday asking a California federal district court to strike the company's defense. Congress put the time frame in place so that damages are based on the alleged fraud,...

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