Goldman Sachs sued in Singapore penny stock saga
Cause of price crash probed.
According to a report by Reuters, 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.
Read full report here.