Norwood chairman sues Stockhouse poster
2007-10-01 16:20 ET - Street Wire
Also Street Wire (C-SWB) Stockgroup Information Systems Inc
by Stockwatch Business Reporter
The chairman of Norwood Resources Ltd., Edward Mercaldo, does not like some things that were said about him on the Internet. He is suing a poster named Ceridian for posts made on the Stockhouse website between May 26, 2007, and Aug. 2, 2007.
The unusually drawn statement of claim lists the titles of 20 different postings made by Ceridian between June 18, 2007, and Aug. 8, 2007, but neglects to disclose the words that bear the libellous meaning. (Six posts remain on Stockhouse.) Mr. Mercaldo alleges that the defamatory words, whatever those words might be, question his moral character, imply he is a criminal, degrade him, and infer he was not acting in the best interest of the company and its shareholders. He says the author acted maliciously by publishing them in a forum where Norwood shareholders, as well as members of the public familiar with him and his occupation, would read them. The lawsuit points out that millions of people use the World Wide Web and that a large, unquantifiable number of people might have read the nasty words.
Robert Taylor of Taylor Veinotte Sullivan represents Mr. Mercaldo. None of the allegations have been proven in court.
Norwood traded as high as $4.03 in March, but when the company announced it had abandoned a well on May 22, it dropped to $1.04 from $2.18. It dropped steeply again on July 12, to 46 cents from 84 cents, after the company finished testing its San Bartolo well. Ceridian seems to have taken out his frustration with the stock on Mr. Mercaldo, or simply revelled in Norwood's misfortune.
Norwood now trades around 80 cents. |
