DREP: Silvercorp, Deer team up to compel anonymous accusers to identify themselves



21-Sep-11
08:57 	Silvercorp, Deer team up to compel anonymous accusers to identify themselves
Story


Silvercorp Metals (NYSE:SVM) and Deer Consumer Products (NASDAQ:DEER), two companies operating in China that have been accused of fraudulent activities by anonymous short-sellers, have teamed up to compel their accusers to identify themselves, reported the Globe and Mail on 21 September.

Silvercorp CEO Rui Feng said in an item from the newspaper's Report on Business section that lawyers from the two companies are working together and that the two companies will jointly launch a lawsuit aimed at subpoenaing those behind the allegations.

Meanwhile, the report noted that Deer has already initiated its own legal action against Alfred Little, a research firm that has launched some damaging allegations. Last month, the New York Supreme Court gave Deer permission to serve the research firm with a complaint and summons. According to the report, Silvercorp, which has refuted allegations of wrongdoing in the Alfred Little reports, is contemplating pursuing its own legal action.

Source 	The Globe and Mail

Target 	Silvercorp Metals Inc. (SVM) 	DS   Int.
Other 	Royce & Associates, LLC 	Int.
Other 	Renaissance Technologies 	Int.
Other 	(Canada - British Columbia region) 	Int.
Other 	Van Eck Global 	Int.
Other 	Deer Consumer Products 	Int.
Other 	Rui Feng 	Int.

Intel. Grade 	Confirmed
Countries 	Canada
China
Sectors 	Mining
Intel. ID 	1234556