Thursday, 27 April 2017
Last updated 9 min ago
Aug 21 2012 | 12:23pm ET
Hedge fund Anthion Management has won its legal battle with a Canadian mining company.
A New York State judge on Friday dismissed Silvercorp Metals' lawsuit against Anthion. The company had objected to Anthion's dissemination of allegations of accounting fraud and overvaluation.
Anthion admitted it had written a report against Silvercorp and had posted it on the Web site chinastockwatch.com on Sept. 14. It also sent copies to Canadian regulators and Silvercorp's independent auditors.
Silvercorp also took issue with a 14-page dossier sent to regulators and news organizations on Aug. 29, 2011. But New York State Supreme Court Justice Carol Edmead was not impressed.
"Considering the letters and postings here as a whole, the Court finds they are not actionable," Edmead, who also dismissed claims against the blog AlfredLittle.com, wrote.
Anthion said it was "pleased with the Court's decision to dismiss Silvercorp's complaint, which we maintained was baseless from the outset."