After waiting for more than half a year, some investors have finally succeeded in claiming for Foshan Lighting. The reporter learned from the rights defense lawyers and Foshan Lighting Department that yesterday was the day when the second instance of Foshan Lighting Securities' false statement liability dispute was pronounced. The Guangdong High Court had dismissed Foshan Lighting's appeal and upheld the original judgment.
The company refused to accept the judgment of the first instance. On March 6, 2013, Foshan Lighting was subjected to administrative punishment by the Guangdong Securities Regulatory Bureau for undisclosed related party transactions, which attracted wide attention from all walks of life, and subsequently attracted a wide range of claims. At least 2,000 investors filed a civil lawsuit and demanded compensation from the company. The amount of the claim exceeded 300 million, which has become the largest shareholder rights defense case in recent years.
On November 14, 2014, the Guangzhou Intermediate People's Court made a first-instance judgment on the Foshan lighting case, requiring the company to compensate investors involving more than 900 people, with a total compensation amount of 59.31 million yuan.
Subsequently, Foshan Lighting appealed all cases to the Guangdong High Court, and 14 investors also filed an appeal.
The reporter learned from the lawyer Liu Guohua of one of the rights defense lawyers yesterday that the Guangdong High Court rejected the appeal of Foshan Lighting and 14 investors and upheld the original judgment. The reporter then called the office of Foshan Lighting’s secretary-general, and the other staff member responded that the company’s appeal was rejected.
Last night, Foshan Lighting issued a relevant announcement saying that the company received the "Civil Judgment" served by the Guangdong High Court. The verdict was as follows: The appeal was dismissed and the original judgment was upheld. The appeal fee for the second instance case was 1.028 million yuan, which was borne by the listed company. This decision is final.
Foshan Lighting stated in the announcement that the company has fully accrued estimated liabilities for the first-instance case acceptance fee for the amount of compensation and the burden involved in the above case.
There are other shareholders subsequent claims <br> <br> It is reported that more than 900 cases In addition to this, the remaining cases has not been the verdicts. Liu Guohua said that on April 20, the Guangzhou Intermediate People's Court had arranged more than 1,000 cases to be opened, and the rest will be held on June 24. With the second-instance judgment of the High Court, it is estimated that the first-instance judgments of the remaining cases are not far away. The investor v. securities false statement liability dispute case is expected to end this year.
Liu Guohua said that the Foshan lighting case has become a symbolic case for defending rights in recent years. It has a great reference for other similar cases and greatly encouraged the confidence of small and medium investors in safeguarding their rights.
The company refused to accept the judgment of the first instance. On March 6, 2013, Foshan Lighting was subjected to administrative punishment by the Guangdong Securities Regulatory Bureau for undisclosed related party transactions, which attracted wide attention from all walks of life, and subsequently attracted a wide range of claims. At least 2,000 investors filed a civil lawsuit and demanded compensation from the company. The amount of the claim exceeded 300 million, which has become the largest shareholder rights defense case in recent years.
On November 14, 2014, the Guangzhou Intermediate People's Court made a first-instance judgment on the Foshan lighting case, requiring the company to compensate investors involving more than 900 people, with a total compensation amount of 59.31 million yuan.
Subsequently, Foshan Lighting appealed all cases to the Guangdong High Court, and 14 investors also filed an appeal.
The reporter learned from the lawyer Liu Guohua of one of the rights defense lawyers yesterday that the Guangdong High Court rejected the appeal of Foshan Lighting and 14 investors and upheld the original judgment. The reporter then called the office of Foshan Lighting’s secretary-general, and the other staff member responded that the company’s appeal was rejected.
Last night, Foshan Lighting issued a relevant announcement saying that the company received the "Civil Judgment" served by the Guangdong High Court. The verdict was as follows: The appeal was dismissed and the original judgment was upheld. The appeal fee for the second instance case was 1.028 million yuan, which was borne by the listed company. This decision is final.
Foshan Lighting stated in the announcement that the company has fully accrued estimated liabilities for the first-instance case acceptance fee for the amount of compensation and the burden involved in the above case.
There are other shareholders subsequent claims <br> <br> It is reported that more than 900 cases In addition to this, the remaining cases has not been the verdicts. Liu Guohua said that on April 20, the Guangzhou Intermediate People's Court had arranged more than 1,000 cases to be opened, and the rest will be held on June 24. With the second-instance judgment of the High Court, it is estimated that the first-instance judgments of the remaining cases are not far away. The investor v. securities false statement liability dispute case is expected to end this year.
Liu Guohua said that the Foshan lighting case has become a symbolic case for defending rights in recent years. It has a great reference for other similar cases and greatly encouraged the confidence of small and medium investors in safeguarding their rights.
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