A shareholder who suffered losses in a penny stock trading debacle in Singapore is suing Goldman Sachs, accusing the investment bank of arbitrarily selling her holdings and saying the sales contributed to a crash in their prices. Last month, Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd - three firms interlinked by cross shareholdings and common officers - lost a combined market value of about S$8 billion ($6.4 billion) in just three days of trading. Both the crash and huge run-ups in their share prices earlier in the year left many in the market mystified, prompting the Monetary Authority of Singapore and the stock exchange to launch an extensive review. The lawsuit was filed in the High Court in London on November 20 by Quah Su Ling, who held stocks in all three companies and is the chief executive of investment firm IPCO International Ltd, the second-largest shareholder in Blumont.
via Business News - Yahoo Finance http://finance.yahoo.com/news/goldman-sachs-sued-singapore-penny-171712610.html
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