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.
On March 18th, this incident has made new progress. Lawyer Wu Lijun, the sponsor of the Shanghai Oriental Cambridge Law Firm, told the reporter that “On March 18, the Guangzhou Intermediate People’s Court has accepted the case of the investor’s v. Foshan Lighting’s false statement of damages and the acceptance of the case. It will open the road lights for hundreds of damaged small and medium-sized investors in Foshan Lighting."
The reporter learned that as early as November 5, 2012, Foshan Lighting announced that it was suspected of information disclosure violations and was investigated by the Securities Regulatory Bureau. Wu Lijun issued a “assembly orderâ€, where he bought Foshan before noon on November 5, 2012. Illuminated stocks are held at the close of the noon on November 5, 2012, and shareholders who sell later at a lower price than the buy price can apply for a claim.
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. The latest news is that on March 18, the Guangzhou Intermediate People's Court has accepted the case of the investor's v. Foshan Lighting's false statement of damages. Wu Lijun has accepted the entrustment of hundreds of Foshan Lighting and Guangdong Lighting B investors. It has exceeded 10 million yuan, and the number of shareholders participating in the claim and the amount claimed are still rising further.
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.
A person from the Foshan Lighting and Securities Department told reporters that “the company has not received the number of complaints and the lawyer’s communication. The stock price decline has many factors affecting the stock price change in addition to information disclosure.â€
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."
On March 18th, this incident has made new progress. Lawyer Wu Lijun, the sponsor of the Shanghai Oriental Cambridge Law Firm, told the reporter that “On March 18, the Guangzhou Intermediate People’s Court has accepted the case of the investor’s v. Foshan Lighting’s false statement of damages and the acceptance of the case. It will open the road lights for hundreds of damaged small and medium-sized investors in Foshan Lighting."
The reporter learned that as early as November 5, 2012, Foshan Lighting announced that it was suspected of information disclosure violations and was investigated by the Securities Regulatory Bureau. Wu Lijun issued a “assembly orderâ€, where he bought Foshan before noon on November 5, 2012. Illuminated stocks are held at the close of the noon on November 5, 2012, and shareholders who sell later at a lower price than the buy price can apply for a claim.
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. The latest news is that on March 18, the Guangzhou Intermediate People's Court has accepted the case of the investor's v. Foshan Lighting's false statement of damages. Wu Lijun has accepted the entrustment of hundreds of Foshan Lighting and Guangdong Lighting B investors. It has exceeded 10 million yuan, and the number of shareholders participating in the claim and the amount claimed are still rising further.
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.
A person from the Foshan Lighting and Securities Department told reporters that “the company has not received the number of complaints and the lawyer’s communication. The stock price decline has many factors affecting the stock price change in addition to information disclosure.â€
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."
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