SkyPeople Fruit Juice and Absaroka Capital Management Reach Settlement
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 "China"), and Absaroka Capital Management, LLC, a private investment management firm, and its principal Kevin Barnes (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 Wyoming. On 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.
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