Siskinds LLP represents the Plaintiff in a proposed securities class action against Silver Wheaton Corporation (“Silver Wheaton” or the “Company”) and certain of Silver Wheaton’s officers and directors.
The class action was commenced in September 2016 on behalf of persons and entities who acquired Silver Wheaton’s securities:
(a) pursuant to the prospectus dated March 9, 2015; and/or
(b) in the secondary market during the period from August 14, 2013 to July 6, 2015, inclusive (the “Class Period”), where such persons
i. are resident or domiciled in Canada or were resident or domiciled in Canada at the time of such acquisitions, regardless of the location of the exchange on which they acquired their Silver Wheaton securities; or
ii. acquired Silver Wheaton’s securities in the secondary market in Canada or elsewhere, other than in the United States.
Among other things, the Plaintiff alleges that Silver Wheaton’s Class Period disclosures contained misrepresentations or omissions related to:
(a) the likelihood that the Canada Revenue Agency’s audit of the Company would result in a material adverse effect on Silver Wheaton; and
(b) the compliance of Silver Wheaton’s financial statements with International Financial Reporting Standards.
In May 2017, Silver Wheaton changed its name to Wheaton Precious Metals.
Developments
On january 5 2022, the Ontario Superior Court of Justice dismissed the Applicant’s motion for Securities Act Leave. The written decision can be found here.
The limitation period for bringing a claim, if there is any time left within it, is no longer suspended. It is recommended that you obtain legal advice from a lawyer of your choice if you wish to pursue a court claim against the Defendants.
For further information concerning this action, please complete the contact form below.
FAQs
What is a Class Action?
A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Such people are commonly referenced as “class members.” Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
What does “certification” mean?
Certification is the motion where the court determines whether the action can properly be pursued as a class action on behalf of the class members. In certifying the lawsuit as a class action, the court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions). After the court certifies the lawsuit as a class action, usually notices will be disseminated to the class members. These notices will advise the class members that the lawsuit has been certified, and they will also set out the issues that the court will be asked to determine on behalf of the class members. At this stage, the court will also fix a time period during which the class members may exclude themselves from the class action lawsuit by filing an opt-out form. Class members who do not opt from the class action by the deadline that will be fixed by the court will be bound by the outcome of the class action.
Can I join the class action?
Since this class action has been dismissed, it is no longer possible to join it.
Can I exclude myself from the class action?
No. Since this class action has been dismissed, it is no longer possible to join and therefore opt out.
I still have a question. Who should I contact?
If you have any other questions, please complete the contact form below.