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Mineweb reported that Vancouver stock analyst Kun Huang, who recently completed a 2.5-year stint in a Chinese prison, has filed a lawsuit against Silvercorp Metals Inc. (TSX:SVM,NYSE:SVM).
Mineweb reported that Vancouver stock analyst Kun Huang, who recently completed a 2.5-year stint in a Chinese prison, has filed a lawsuit against Silvercorp Metals Inc. (TSX:SVM,NYSE:SVM).
As quoted in the market news:
[Huang] is an investigator for hedge fund Eros, who asserted that ore estimates at a Chinese mine owned by Silvercorp were not accurate. In September 2011, Alfredlittle.com, which was owned by the manager of Eros, Jay Carnes, issued a report claiming the company was overvalued, causing Silvercorp shares to plunge by $2.8 million in value.
As reported by Mineweb’s Kip Keen in 2011, Silvercorp sued Alfredlittle.com for defamation and told securities regulators that the report advocated illegal short-selling tactics. However, Silvercorp’s lawsuit was dismissed.
In a lawsuit Tuesday, Huang claims that Silvercorp was responsible for his detention in China as a reprisal for his Silvercorp research for Eros. Huang was trying to leave China on Dec. 28. 2011, when he was detained, searched and imprisoned, according to his lawsuit.
Click here to read the full Mineweb report.
Watch The Vancouver Sun’s video interview with Huang here.