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by Mike Caswell

Silvercorp Metals Inc. has filed a motion to dismiss the class action lawsuit it faces from shareholders in New York, saying the case is based on an "apples to oranges" comparison. Shareholders are unfairly attempting to compare a one-page report from China with highly regulated U.S. filings, the company says. Different laws and different requirements apply to the Chinese report.

The company is responding to a class action lawsuit it faces in the Southern District of New York, filed on Dec. 28, 2012. A group of shareholders claimed that Silvercorp had misled the market by overstating its production and resources in U.S. filings. Among other things, the company's U.S.-reported production from its Ying mine was 130.63 tonnes of silver in 2011, but Chinese filings showed just 32.17 tonnes, the lawsuit claimed.

SILVERCORP

Rui Feng

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