Noble Group Says Iceberg Reports ‘Inaccurate, Unreliable’Jonathan Burgos
Noble Group Ltd., Asia’s largest commodity trader by revenue, said the reports from a group that calls itself Iceberg Research are “inaccurate, unreliable and misleading.”
Noble will begin legal action today in the Hong Kong High Court for conspiracy to injure it, the Hong Kong-based company said today.
“Iceberg are not the independent research house they claim to be,” Noble said in a statement. “Their actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research.”
Noble shares climbed 4 percent to 91 Singapore cents at the close of trading. That leaves the stock down 24 percent since a first Iceberg report that alleged accounting irregularities was released on Feb. 15. A third report was released over the weekend.
“There’s still going to be some uncertainty although Noble has come out to say that all the Iceberg allegations are completely untrue,” Carey Wong, an analyst at OCBC Securities Pte in Singapore, said by phone.
The decline in Noble Group’s shares has made it the worst performer this year in Singapore’s benchmark Straits Times Index, which is little changed over the same period.