CHINA/US: SkyPeople Fruit Juice launches Absaroka court action
Abasaroko last month, made various allegations and accusations against SkyPeople Fruit Juice
SkyPeople Fruit Juice has filed a defamation lawsuit against Absaroka Capital Management over allegations that it provided materially false information about the group's financial and operational status.
The US-listed, China-based juice producer has filed the lawsuit against Absaroka and its analyst, Kevin Barnes, it said today (8 July). An article published by Abasaroko last month made various allegations and accusations against SkyPeople, including claims that the firm "dramatically overstated" its operations, retail and sale channels, production, financial and industry performance.
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.
In a statement today, SkyPeople said that a request to Absaroka that it retract its "inaccurate statements" was declined. As a result, the firm said it has now filed a civil action against Absaroka and Barnes for "libel and tortuous interference with existing and prospective economic advantages". It has filed the suit in the US District Court for the District of Wyoming, where Absaroka is based.
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