On Monday, March 11th, 2013 Silvercorp Metals Inc. (NYSE: SVM) quietly conceded defeat in its two defamation lawsuits as well as its appeal of A*L’s New York Supreme Court victory. Copies of the discontinuance notices Silvercorp filed with the Court can be found here and here. Like most bad news events, Silvercorp has not yet bothered to notify its investors of its court losses, despite pledging in a press release to “provide progress updates” on these matters. Silvercorp acknowledged spending millions pursuing the claims.
According to recent reports, the new Chinese administration and media are becoming much more aggressive on fraud and corruption in China. As such, I believe that Silvercorp management will soon be held accountable for funding Chinese police retaliation against my researchers, one of whom is still being held, effectively as a hostage, in a Chinese prison. His story, and the truth about Silvercorp, has only just begun to be told.
Disclosure: Short SVM.