Markets

Silvercorp Metals Recoups 5% Early Tuesday; Follows Big Drop Friday on Fraud Allegations

Silvercorp Metals (SVM.TO), which is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada, denied anonymous allegations of fraud on Friday, and its stock has recouped 5% in the early minutes of Tuesday's trading session.

Its shares fell as much as 16% Friday - before a long holiday weekend in Canada - after the company said it had received an anonymous letter alleging a $1.3 billion fraud. Silvercorp strongly denied any wrongdoing and reportedly threatened legal action to recover damages.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More