Silvercorp sues Carnes for defamation
2016-08-25 10:49 ET - Street Wire
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by Mike Caswell
Silvercorp Metals Inc. has filed a defamation lawsuit in the Supreme Court of British Columbia against short-seller Jon Carnes and others, complaining about statements that Mr. Carnes made to national newspapers in 2014 and 2016. Among other things, he told the newspapers that Silvercorp had paid off officials in China. He also said that the company wrongfully had a man arrested in China, the suit states.
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| JON CARNES |
| Jon Carnes |
The allegations by Silvercorp are contained in a notice of claim that the company filed at the Vancouver courthouse on Aug. 22, 2016. The lawsuit targets Mr. Carnes, who was responsible for the well-publicized Alfred Little report that targeted Silvercorp in 2011. The report sent Silvercorp's stock down to $6.30 from $7.95, wiping out $288-million in market capitalization.
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It's doubtful a judge would let this lawsuit proceed without a courts having ruled in the Kun Huang matter first. Should Mr. Huang emerge with a win against Silvercorp, it pretty much makes the above matter moot, and everything Mr. Carnes told the Post will probably stand as the fair comment and, possibly, the truth. A trial could still theoretically proceed, but it would be long odds indeed for a Silvercorp win should Mr. Huang prevail.
Posted by Jerome Collins at 2016-08-25 13:41
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