The troubles of Foshan Lighting have not ended. Wu Lijun, a lawyer at Shanghai Oriental Cambridge Law Firm, has gathered more than 60 shareholders across the country and intends to file a lawsuit with the Guangzhou Intermediate People's Court for civil compensation next week. "I estimate that it is the earliest appeal. There will be other lawyers and shareholders in the country to follow up. The company will not face less than 10 million claims." At the same time, it said, "Because of the administrative penalty, the probability of winning the case is relatively large. ."
Shareholders have already assembled and only wait for the penalty to land
On March 6, 2013, Foshan Lighting received the Administrative Punishment Decision issued by the Guangdong Regulatory Bureau of the China Securities Regulatory Commission (No. [2013] No. 1), which was punished for violation of laws and regulations. According to statistics, Foshan Lighting concealed related transactions amounted to more than 200 million, and more than 15 relatives and friends of its chairman, Zhong Xincai. The company was ordered to correct the warning and imposed a fine of 400,000 yuan. The relevant parties were also given a fine of not more than one amount, of which Zhong Xin was fined a fine of 150,000 yuan.
Hearing the news, Wu Lijun, the lawyer who kept tracking, sighed with relief. "The result is finally coming out."
It is understood that as early as July 6, 2012, Foshan Lighting announced the "Decision on Responding to Corrective Measures for Foshan Electrical and Lighting Co., Ltd." and "Decision on Qu Xincai's Order to Publicly Explain Measures" The bureau's administrative regulatory measures decision. At noon on November 5, 2012, Foshan Lighting announced that it was investigated by the Securities and Futures Commission for suspected information disclosure violations.
At that time, Wu Lijun issued a "assembly order", where the stock of Foshan Lighting was bought before noon on November 5, 2012, and was held at the close of noon on November 5, 2012. The price sold later was lower than the purchase price. Shareholders of the price can apply for a claim. He said, "Foshan Lighting has always had a good reputation in the capital market, and there are quite a lot of shareholders. In the past few months, there have been more than 60 registered shareholders from all over the country, especially in Foshan."
According to the law, only after the CSRC has imposed an administrative penalty on Foshan Lighting, eligible shareholders will have the opportunity to obtain compensation. Therefore, Wu Lijun and the shareholders behind him have been waiting for the administrative penalty decision to land. "Now the conditions are relatively mature, we will file a lawsuit with the Guangzhou Intermediate People's Court next week."
The stock price fell 30% of the huge claim
In 2012, Foshan Lighting fell by as much as 30%, and the losses of the company's shareholders can be imagined.
Wu Lijun judged that the system risk will also be considered in the court trial process, but Foshan Lighting’s losses caused by the violation of the letter to the shareholders are obvious. “The company’s false statement has been taken seriously, and the shareholders have indeed suffered losses and prosecuted. The ultimate loss of shareholders is a high probability event."
Some market participants have questioned the administrative penalty decision issued by the Guangdong Regulatory Authority. They believe that “the company concealed the amount of connected transactions by more than 200 million and only received a fine of 400,000 yuan.†In this regard, Wu Lijun explained, “Foshan Lighting is Guangdong's benchmark listed companies, local regulatory authorities can be so strict in law enforcement and efficiency enforcement, it is worthy of praise. This punishment decision is also in line with international standards, administrative penalties can not be too much fine, but to encourage shareholders to defend their claims."
Wu Lijun revealed that he may be the first lawyer to file an appeal. There are still many shareholders and lawyers in action across the country. The amount of civil claims faced by Foshan Lighting will not be less than 10 million. In addition, Foshan Lighting belongs to listed companies with A and B shares. Shareholders of Guangdong Lighting B shares can refer to Foshan Lighting for claims.
( This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED . Readers need to verify the relevant content by themselves. )
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