Foshan Lighting recently announced that the Guangzhou Intermediate People's Court has filed a case against 515 people (folk) v. Foshan Lighting's “Securities Disputes Liability Disputes†civil lawsuit. The amount of claims for 515 civil suits was 73.428 million yuan and 81.89 million Hong Kong dollars (about 64.66 million yuan). Some lawyers said that the total number of plaintiffs in the case may eventually exceed 2,000, and the amount of claims may exceed 200 million yuan. It is expected to become the second largest case of civil compensation for Chinese securities after the Eastern Electronics case.
On March 7, 2013, Foshan Lighting, which is known as “cash cowâ€, announced that it had received the administrative penalty decision from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission. Due to the company’s information disclosure violations, Foshan Lighting, Chairman Zhong Xincai and six others Responsible executives were punished with administrative penalties such as fines and warnings. According to the Securities Law and the judicial interpretation of the Supreme Court, a listed company shall be liable for civil liability for damages caused by false statements.
Li Yu, a lawyer from Zhejiang Yufeng Law Firm, told reporters that he has acted in three batches to sue Foshan Lighting for more than four million yuan. He is currently awaiting court notice, and the fourth batch of shareholders are going to file a lawsuit in October. Li Jian said that it had bought and sold between July 15, 2010 and July 6, 2012, and sold or continued to hold Foshan Lighting A shares or Guangdong Lighting B shares after July 6, 2012, and existed. A shareholder who loses or presumes a loss can sue a claim.
“In just over 6 months, Foshan Lighting’s 515 shareholders’ claims exceeded 70 million yuan. At present, there are still about one and a half years from the expiration of the statute of limitations. Foshan Lighting’s shareholders are about 150,000, considering that there are many investors who are eligible for the claim. Waiting and not suing, preliminary estimates, the total number of plaintiffs in the two-year Foshan lighting case may exceed 2,000, and the total amount of claims may exceed 200 million yuan, which is expected to become the second largest case of civil compensation for Chinese securities after the Eastern Electronics case." Li Jian said.
On March 7, 2013, Foshan Lighting, which is known as “cash cowâ€, announced that it had received the administrative penalty decision from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission. Due to the company’s information disclosure violations, Foshan Lighting, Chairman Zhong Xincai and six others Responsible executives were punished with administrative penalties such as fines and warnings. According to the Securities Law and the judicial interpretation of the Supreme Court, a listed company shall be liable for civil liability for damages caused by false statements.
Li Yu, a lawyer from Zhejiang Yufeng Law Firm, told reporters that he has acted in three batches to sue Foshan Lighting for more than four million yuan. He is currently awaiting court notice, and the fourth batch of shareholders are going to file a lawsuit in October. Li Jian said that it had bought and sold between July 15, 2010 and July 6, 2012, and sold or continued to hold Foshan Lighting A shares or Guangdong Lighting B shares after July 6, 2012, and existed. A shareholder who loses or presumes a loss can sue a claim.
“In just over 6 months, Foshan Lighting’s 515 shareholders’ claims exceeded 70 million yuan. At present, there are still about one and a half years from the expiration of the statute of limitations. Foshan Lighting’s shareholders are about 150,000, considering that there are many investors who are eligible for the claim. Waiting and not suing, preliminary estimates, the total number of plaintiffs in the two-year Foshan lighting case may exceed 2,000, and the total amount of claims may exceed 200 million yuan, which is expected to become the second largest case of civil compensation for Chinese securities after the Eastern Electronics case." Li Jian said.
Shenzhen GEME electronics Co,.Ltd , https://www.gemesz.com