Quindell wins libel ruling against Gotham City Research

Tony Bowers, vice chairman of Quindell, welcomed the ruling but criticised Gotham for shying away from the gaze of the UK's highest court.

"We are pleased that following the co-ordinated shorting attack led by Gotham and others, we have been able to successfully win judgement from the High Court in our claim for libel against Gotham," he said.

"Whilst it is disappointing that Gotham has not been prepared to submit itself to the scrutiny of the English Courts, we have consistently stated that we believe the Gotham publication was both defamatory and deliberately misrepresentative and it is pleasing to receive validation of our claim and success in this matter," he added.

Quindell has repeatedly refuted the allegations, which included describing the latest EBITDA margins as "magical...paper profits". Gotham also claimed it found the “variances” between the company’s “paper profits” and cash flow “puzzling, at best”.

Before its attack on Quindell, little was known about Gotham City. The firm is understood to have been founded by Daniel Yu , an American of Chinese or Korean descent who studied at the Massachusetts Institute of Technology.

Gotham City has targeted five companies in total. Its attack on Spanish Wi-Fi company Let’s Gowex in July forced its chief executive to admit he had falsified its accounts.

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