June 22, 2012
/PRNewswire-Asia-FirstCall/ -- SkyPeople Fruit Juice, Inc. (NASDAQ: SPU) (together with its direct and indirect subsidiaries, "SkyPeople" or the "Company"), a producer of fruit juice concentrates, fruit beverages and other fruit related products, in
the People's Republic of China
("PRC" or "
"), and Absaroka Capital Management, LLC, a private investment management firm, and its principal
(together, "Absaroka") (together with the Company, the "Parties") today announced that they reached an out-of-court settlement of litigation in the U.S. District Court for the District of
July 7, 2011
the Company filed suit against Absaroka alleging that a
June 1, 2011
report published by Absaroka (the "Report") contained several false accusations against the Company rendering it defamatory. On
November 14, 2011
, Absaroka filed a counterclaim alleging that the Company's
June 2, 2011
press release in response to the Absaroka Article was defamatory and the Company's suit was an abuse of process. The settlement includes a dismissal of all claims and counterclaims filed by the Parties, with neither party admitting any wrongdoing or liability.
As part of the settlement agreement, Absaroka has agreed to remove the Report from its website, undertake best efforts to remove the Report from third-party sites, and refrain from issuing any further articles, public statements, or research reports concerning SkyPeople. Absaroka reaffirms that the Report was based upon its views as of the original publication date, which were, accordingly, subject to change. In this regard, after an exhaustive internal investigation, SkyPeople has raised serious questions regarding the accuracy of information provided to Absaroka by Qingdao Inter-Credit, including, but not limited to, the State Administration of Industry and Commerce ("SAIC") annual inspection reports relied upon by Absaroka in preparing the Report. Absaroka has agreed to remove the Report from its website to avoid further litigation concerning SkyPeople's contentions concerning inaccuracies in the Report.