Thousands of shareholders claim nearly 200 million
Before the trial, the number of shareholders who sued Foshan Lighting reached more than 1,300, and the amount of claims was as high as 180 million yuan. Due to the large number of shareholders involved, the Guangzhou Intermediate People's Court, which accepted the case, decided to conduct the trial in batches. The first batch of cases was held on July 9 for the first time. It is currently in the judicial appraisal stage and has not yet been pronounced. The second batch of cases will be held for a week in a row from August 25th to 29th.
Lawyer Wang Zhibin represented the 600 shareholders in the claim. He told reporters that the disputes between the two parties were mainly concentrated on two points. First, whether Foshan Lighting constitutes a false statement, and second, the loss of investors and the false statement of Foshan Lighting. There is no causal relationship between them. He also pointed out that in the process of administrative punishment, Foshan Lighting recognized the CSRC's determination of its false statement, and in civil litigation, Foshan Lighting denied the existence of false statements, violating the principle of estoppel (legal terminology, that is, people in civil In the course of litigation, you are responsible for your own words, and you must not arbitrarily make negative statements or actions in the presupposition.
Less likely to mediate success
At the same time, the relevant person in charge of Foshan Lighting told reporters that according to the "Several Provisions of the Supreme People's Court on the Trial of Civil Compensation Cases Caused by False Statements in the Securities Market", the false statement in the securities market refers to the process of securities disclosure or trading in the securities issuance or transaction process. In the case of major events, false records, misleading statements, and major omissions and improper disclosures were made in violation of the facts. He said that Foshan Lighting is only a missing omission in the disclosure, it is not a major event, and the amount is a small proportion of the net assets. Therefore, the enterprise does not consider the situation of the false statement of the securities market as stipulated in the Judicial Interpretation, that is, the administrative punishment. Does not necessarily lead to civil compensation.
In this regard, Foshan Lighting believes that there is no direct causal relationship between the disclosure of the omission and the shareholder's investment losses. The enterprise should not compensate, and the claim of the shareholder's claim is extremely unreasonable. And said that if the shareholders still insist on the amount of compensation, Foshan Lighting will fight the lawsuit to the end. The reporter learned from the Guangzhou Intermediate People's Court that the opinions of the parties were too different. Judging from the current attitude of both parties, the possibility of successful court mediation is low.
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