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.
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