St. Elias sues dissidents, forum posters for defamation

2013-02-20 14:08 ET - Street Wire

by Mike Caswell

St. Elias Mines Ltd. and its president, Lori McClenahan, have launched a defamation suit in the Supreme Court of British Columbia against a number of anonymous forum posters as well as dissident leaders Gilby and Darcy Hastman. The suit complains about posts on Stockhouse and elsewhere that called Ms. McClenahan the "wicked witch of the west" and accused management of fraudulently hiding gold. St. Elias is seeking injunctions barring future messages as well as damages for defamation.

THE GRINDSTONE

Lori McClenahan

The suit comes amidst an effort by a group of Alberta dissidents to replace Ms. McClenahan and the company's existing board. The dissidents complain that management has taken significant stock-based compensation as the stock has fallen to 11 cents from $2. (The dissidents lost the vote at the company's Dec. 27, 2012, annual general meeting, but they have since filed a court case seeking to overturn the AGM results. They claim that the company unfairly disallowed their proxies, denying them a substantial victory. St. Elias has not yet responded to that case.)

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For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

Why is it that the so called management (and I use that term liberally here) need to waste yet more $ going after folks on stock forums? SLI like most Venture listings has dropped almost 100% - I don't see the point. It is no wonder the Venture exchange is whistling pass the graveyard.

Posted by Du-rag at 2013-02-20 16:05

probably the law firm is doing this for free, but the problem is who other than someone who is feeling guilty would be upset by posters who actually sound utterly stupid and with their postings prove they know nothing about mining or exploration? even a teenager knows that someone slagging someone else online has some personal receive for doing it- by acknowledging your disbain other than saying the postings are utterly ridiculous would suggest more to the story...and as pointed out, was money raised for lawsuits? if your ego is so damaged it may say something about you- and what does the stock price reveal?

Posted by stupidity at 2013-03-02 16:56