Business Services Industry
Solv-Ex Corporation Files Action Against Short Sellers
Business Wire, August 12, 1996
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Aug. 12, 1996--Solv-Ex Corporation (NASDAQ:SOLV) announced that it has filed suit in United States District Court for the Southern District of New York against several parties for breach of confidentiality agreements, fraud and other improper actions relating to what Solv-Ex has alleged is part of a campaign on the part of short sellers to drive down the price of Solv-Ex shares.
Solv-Ex said that the litigation may well represent only the "tip of an iceberg" and that the scope of the lawsuit could be expanded as discovery proceeds. The actions underlying the complaint, however, are sufficiently clear in the Company's opinion to compel bringing the action and seek accountability for what is believed to be a deliberate and malicious attempt to thwart the Company's development plans and financing through dissemination of false and misleading information.
CONTACT: Solv-Ex
Dean Gardy, 505/243-7701
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