SkyPeople Fruit Juice today announced the filing of a defamation lawsuit against Absaroka Capital Management LLC and its analyst, Kevin Barnes. On June 1, 2011, an entity identifying itself as "Absaroka Capital Management LLC" published an article containing several false allegations and accusations against the Company. On June 10, 2011, the Company requested that Absaroka Capital and Kevin Barnes retract the inaccurate statements contained in the Article. Absaroka Capital did not comply with the Company's request, and, subsequently, the Company filed a civil action against Absaroka Capital and Kevin Barns for libel and tortuous interference with existing and prospective economic advantages in the United States District Court for the District of Wyoming, where Absaroka Capital is based.
SkyPeople Fruit Juice today provided supplementary financial information regarding the Company's operating subsidiaries in China for fiscal year 2009. The Company also provided an unaudited list of corporate deposit accounts identifying each corporate cash account and the balance and location of such account as of the end of fiscal years 2009 and 2010, respectively. "We understand investors' need for increased disclosures and we welcome the opportunity to increase their understanding and trust in our Company."