"" they must be confident in their position if they are happy to defend in court.""
One could argue that VMC are also happy to take it to court. Doesn't that suggest that VMC are confident.
It's a shame that these things take time to get resolved. What VMC have managed to do is take away all the momentum that SPX had been building in recent times. All shareholders are the losers in this regard. Everyones portfolios are lesser because of VMC.
We could be looking at 3 to 4 months of waiting before we know the outcome. Markets generally do not like uncertainty and right now this is where we unfortunately sit. Hence the reason plenty continue to sell at these current levels. Wonderful opportunity to buy more at these reduced levels IF it's proven that SPX did nothing wrong.
In the meantime SPX management are not in a position where they can say more given it's going before the courts.
SPX Price at posting:
6.9¢ Sentiment: Hold Disclosure: Held
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