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Hot Stock: Noble surges as it readies to sue following third Iceberg report
SHARES of Noble Group rose 3.4 per cent on heavy trading on Monday, after the company said it will start legal proceedings following the third Iceberg report.
The counter gained three Singapore cents to S$0.905. It was the most actively traded stock in early morning trade, with nearly 16 million shares changing hands.
Noble said it will start legal proceedings against Hong Kong resident Arnaud Vagner, Enlighten Ace Ltd, a Seychelles company, and any associates, at the Hong Kong High Court "for conspiracy to injure Noble Group".
"Noble Group refers to the statements made by Iceberg Research in their three reports. We reject their allegations as inaccurate, unreliable and misleading," the company said in a statement on Monday.
"As a public company we support responsible research. However, Iceberg are not the independent research house they claim to be. Their actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research."
The anonymous blog Iceberg Research issued its third report on commodity trader Noble Group on Saturday, saying that the Hong Kong-headquartered group had substantially understated its gross and net debt.