Olam International Ltd. (OLAM), the commodity trader targeted by Carson Block, dropped its defamation lawsuit against the short-seller and his research firm Muddy Waters LLC, bowing to advice from shareholders to focus on its business.
“After considering feedback received from several of its shareholders, Olam has decided it should now move forward and focus resources and management attention to deliver value for its continuing shareholders and stakeholders,” the world’s second-largest rice trader said in a statement to the Singapore stock exchange today.
Olam said it hasn’t been able to serve the lawsuit filed in the Singapore High Court on Block. The company had sought unspecified damages, costs, and an injunction against republication of Block’s comments made at a hedge fund conference in London on Nov. 19. Full story
