XI'AN, China, May 10, 2011 /PRNewswire-Asia/ -- Sino Clean Energy Inc. (Nasdaq: SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), today announced that it has commenced legal action against Geinvesting LLC, an individual calling himself "Alfred Little", the owners of the web site called Seeking Alpha, and unidentified persons acting with, for or through them. The suit seeks $55 million in compensatory damages and $10 million in punitive damages resulting from the defendants' fraud, defamation, and tortious interference with Sino Clean Energy's business relationships.
Baowen Ren, Chairman of Sino Clean Energy stated, "The malicious and fraudulent attacks on the Company by short sellers seeking only to enrich themselves at the expense of our Company and its stockholders must stop. Trying to correct their false and defamatory statements one by one apparently serves no purpose since these short sellers clearly do not care about the truth. We warned the short sellers that we would not tolerate their continued fraudulent attacks and if they do not stop we would pursue civil remedies and make appropriate complaints to law enforcement. We intend to do both."
About Sino Clean Energy
Sino Clean Energy is a U.S. publicly traded company and a China-based producer and distributor of coal-water slurry fuel ("CWSF"). With locations in Shaanxi Province, Liaoning Province, and Guangdong Province. Sino Clean Energy is one of the leading CWSF producers in China. For more information about Sino Clean Energy, please visit http://www.sinocei.net.
Safe Harbor Statement
This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors include, but are not limited to uncertainties in product demand, the impact of competitive products and pricing, our ability to obtain regulatory approvals, changing economic conditions around the world and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
