Investigation Overview
June 19, 2013 (Shareholders Foundation) - An investigation on behalf of investors of Liberty Silver Corp (OTCMKTS:LBSV) shares over potential securities laws violations by Liberty Silver Corp and certain of its directors and officers in connection certain financial statements was announced .
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Liberty Silver Corp (OTCMKTS:LBSV) concerning whether a series of statements Liberty Silver Corp (OTCMKTS:LBSV regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Liberty Silver Corp reported that its Net Loss increased from $0.82 million for the 12 months period that ended on June 30, 2010 to $3.95 million for the 12 months period that ended on June 30, 2012.
Shares of Liberty Silver Corp (OTCMKTS:LBSV) declined from $1.05 per share in late 2011 to $0.501 per share in May 2012.
Then between late August and early October 2012, shares of Liberty Silver Corp (OTCMKTS:LBSV) grew from $0.75 per share to $1.58 per share.
According to the investigation this trading activity is thought to involve stock investor Bobby Genovese, who is reported to have owned or controlled approximately 48,400,000 in undisclosed free trading shares of Liberty Silver Corp.
On October 5, 2012, the United States Securities and Exchange Commission halted U.S. trading of Liberty Silver Corp. for a period of nearly two weeks.. That same day, the Investment Industry Regulatory Organization of Canada issued a temporary halt to Canadian trading of Liberty Silver Corp. on the Toronto Stock Exchange.
Shares of Liberty Silver Corp (OTCMKTS:LBSV) declined from $1.29 per share on October 26, 2012 to $0.397 per share on November 30, 2012 and continued to decline to as low as $0.135 per share on June 7, 2013.