US/CHINA: SkyPeople Fruit Juice counters operational attacks
Absaroka Capital Management has made various allegations against SkyPeople Fruit Juice
SkyPeople Fruit Juice has dismissed allegations that it has provided materially false information about its financial and operational status.
Last week, research firm Absaroka Capital Management published an article making various allegations and accusations against the US-listed, China-based juice producer. The report prompted the Rosen Law Firm to file a class action lawsuit on behalf of the purchasers of SkyPeople securities during the period from 31 March 2010 to 4 April 2011.
The report by Absaroka raised concerns that SkyPeople may have "dramatically overstated" its operations, retail and sale channels, production, financial and industry performance.
However, in a statement on Thursday (2 June), SkyPeople said: "The company believes that ... material false information contained in the article which has been widely disseminated has caused material and irreparable harm to SkyPeople Fruit Juice and its investors."
The firm said it is "currently weighing appropriate legal remedies" against the author of the report and the individuals that it believes to be behind the "malicious attack".
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