Foshan Lighting was sued by a huge amount of claims, defending rights, war-warning, listing companies to strengthen self-discipline
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Attorneys said that according to the law, investors have a great chance of obtaining claims. The number of plaintiffs may exceed 2,000 in the future, and the amount of claims may exceed 200 million yuan. The case of Foshan Lighting reminds investors to establish a sense of rights protection, and also warns listed companies to strengthen self-discipline.
Foshan Lighting's false statement was claimed 70 million yuan
Recently, Foshan Electric Lighting Co., Ltd. (Foshan Lighting, 00541; Guangdong Lighting B, 200541 issued an announcement, Guangzhou Intermediate People's Court has filed a case against 515 people (pieces) v. Foshan Lighting's "Securities Disputes Liability Disputes" civil lawsuit. The amount of claims for 515 civil suits was 73.423 million yuan and 81.89 million Hong Kong dollars (about 64.66 million yuan). This case has become one of the most cases of investor rights protection in the history of China's securities rights protection.
On March 6 this year, Foshan Lighting announced that it had received an administrative penalty decision issued by the Guangdong Regulatory Bureau of the China Securities Regulatory Commission. The penalty book shows that Foshan Lighting repeatedly violated the information disclosure requirements of listed companies during 2010 and 2011, and did not do anything about the major guarantees involving related parties and the related transactions and investments related to the daily operations of related parties. Disclosure and so on.
As soon as the announcement came out, the share price of Foshan Lighting continued to fall, and the investor's equity was damaged, which immediately caused claims for rights protection. Since April this year, stockholders across the country have filed suits in court.
As one of the plaintiffs of this time, Miss Shenzhen Wan told reporters that at the time, she thought that the company was better, bought a lot of its stock, and had never seen any problems. Until the SFC’s penalty book came down, she knew the information disclosure. There are major problems, and more than 10,000 shares have been sold, and the losses are not small. Miss Wan’s lawsuit requested Foshan Lighting to compensate for the difference in investment losses, commissions, stamp duty and interest losses, totaling 88,798.52 yuan.
Ms. Wan’s attorney, Zhejiang Yufeng Law Firm’s lawyer Li Jian said that the case of accepting the entrustment and agency prosecution of the case will continue until the expiration of the statute of effect on March 6, 2015. It is estimated that the number of plaintiffs over the two-year period may exceed 2,000. The amount of the claim may exceed 200 million yuan.
Refusal to mediation experts believe that the probability of shareholders being compensated is large
One of the attorneys in this case, Li Xiuzhen, a lawyer at the Guangdong Legal System Shengbang Law Firm, told reporters that other lawyers in this case had tried to mediate with Foshan Lighting, but Foshan Lighting refused to mediate on the grounds that it did not meet the compensation conditions and did not agree to compensation.
According to the provisions of Article 69 of the Securities Law, the prospectus, corporate bond collection method, financial accounting report, listing report document, annual report, interim report, interim report and other information disclosure materials announced by the listed company have false records. If the investor suffers losses in the securities trading, the misleading statement or the major omission, the issuer and the listed company shall be liable for compensation.
Many lawyers in this case analyzed that investors have to bear high time and money costs in the process of litigation. There are some risks, but there are clear rules for laws and regulations and false statements of judicial interpretation. Even if the mediation is not successful, the prospect of winning is relatively optimistic. “The violations and violations of Foshan Lighting Information Disclosure have been punished by the CSRC. The evidence of investor losses is sufficient, the probability of investors being compensated is large, and 80% of the false statement claims have won the case.†Li Jian said.
The reporter contacted Foshan Electrical and Lighting Co., Ltd., and the company's secretarial office responded that there is nothing to say about the reasons for the company's false statements and the follow-up arrangements. All the company's announcements are subject to change.
Foshan Lighting announced that the company will actively participate in the lawsuit and timely disclose the progress of the case in accordance with the regulations. As the case has not been tried, it is still impossible to determine the impact of the litigation case of this announcement on the company's current profit or future profit.
Listed companies should strengthen self-discipline
This case undoubtedly sounded the alarm for all listed companies. The industry believes that listed companies must attach great importance to and regulate information disclosure. Otherwise, they will face huge claims from thousands of investors. The cost of information disclosure may be far greater than the cost. Illegal gains.
Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, said that the biggest problem for listed companies is the lack of integrity and legal awareness. They lack a sense of reverence and responsibility for the market and investors, leading to vague disclosure of information and illegal disclosure. Therefore, the standardization of listed companies should start from supervision, rely on administrative power, create a rule of law atmosphere; play the market power and other civil forces, suppress the irregular behavior of listed companies, and create a public opinion atmosphere.
In fact, due to the imperfect disclosure system and unregulated management of listed companies, many companies’ violations of regulations are not intentional. Li Xiuzhen said that some listed companies from the management, the legal department to the securities representatives, do not know what information needs to be properly disclosed, resulting in violation of the company's information disclosure, this situation does exist. In this regard, the regulatory authorities should increase supervision, and at the same time, listed companies should upgrade themselves, strengthen market operation expertise, improve information disclosure, and enhance the overall quality of the company.
For investors, "to establish a sense of self-rightguarding rights, to know the correct way of claiming after the loss, many investors in such cases are not aware of their claim rights." Dong Dengxin said.
At the same time, the securities market does not have enough protection for investors, and the management department lacks a sound investor protection mechanism. Experts suggest that after making a decision on penalties for such behavior, the management department should provide investors with continuous and long-term prompts so that investors can obtain correct compensation by prompting correct rights protection.
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