Settlement in case of Vulcan Energy Resources vs. J Capital
A federal court ruling in Australia forces short seller group J Capital to apologise to Vulcan Energy Resources' board and management for damage, distress and embarrassment.
On December 15, 2021, the Australian federal court issued an order in the litigation of listed Australian company Vulcan Energy Resources against short-seller group J Capital. Under the order, J Capital is no longer allowed to publish anything about Vulcan Energy Resources and has to publicly apologize to those responsible.
Vulcan Energy’s lawsuit against J Capital relates to the publication of the report “God of empty promises” by Timothy Murray (co-founder of J Capital) in October this year, see our reporting from November 21, 2021. In it, the short seller doubted the potential of Vulcan’s “Zero Carbon Lithium” project and accused the company of making unrealistic statements about the feasibility, profitability and environmental impact of the project.
Under the federal court order, Timothy Murray and J Capital receive permanent restrictions that prohibit the distribution, publication or republication of information about Vulcan Energy, as well as about its executives and directors. In addition, this decision also applies to the dissemination of information which was the subject of the judicial proceedings.
In addition to the court ruling, there was also a public apology from Tim Murrays and J Capitals to Vulcan Energy Resources and the company’s executives. The apology includes the report “God of empty promises” on the website of J Capital, statements made in an online interview with Zer0es TV under the name “The Green God of Empty Promises”, two YouTube videos about Vulcan Energy, various Twitter posts about J Capital’s account about Vulcan Energy Resources and their management team, as well as about the report “Nothing new here: J Capital Research responds to Vulcan Energy Resources” and the statements made in the interview with CNBC Online.
Murray and J Capital state in their letter that they “may have different views about the potential of Vulcan’s Zero Carbon Lithium (TM) Project, J Capital and Mr. Murray apologise for the allegations regarding Vulcan’s Board and management. J Capital and Mr. Murray sincerely apologise for any damage, distress and embarrassment caused to Vulcan’s Board and management, and in particular to Dr. Wedin, Mr. Rezos, Mr. Weimann and Dr. Kreuter.”
Source: Press release Vulcan Energy Resources