China-focused Silvercorp Metals Inc. said on Thursday that it has so far bought back some 4.5 million common shares worth about $35 million, as the company fights back against allegations of fraud.
The Toronto-listed miner has been targeted by anonymous shortsellers who accuse the company of inflating earnings among other allegations. It denies the allegations.
Silvercorp is just one of numerous North American-listed China-focused companies to come under short-seller attack. Complaints center on murky finances, or items in corporate filings that the short-sellers say cannot be substantiated.
The company has said it plans to buy back up to 10 million common shares. All shares purchased under the normal course issuer bid will be canceled.
Silvercorp shares were down 4.62 percent at C$6.82 on Thursday morning on the Toronto Stock Exchange amid broader market decline.