Recently, Foshan Lighting was investigated by the Securities and Futures Commission for suspected information disclosure violations. Wu Lijun, a lawyer at Shanghai Oriental Cambridge Law Firm, told reporters that he was not surprised by the investigation of Foshan Lighting, because as early as July 6, 2012, Foshan Lighting had announced the "About Foshan Electric Lighting Co., Ltd. The company has taken the decision of ordering corrective measures and the decision on the administrative supervision measures of the Guangdong Securities Regulatory Bureau. The content involved in the article and the subsequent disclosure of a series of information on Foshan Lighting’s announcements are sufficient to be investigated. The violations of this case investigation are no longer limited to the above scope.
According to the law, after the CSRC has imposed administrative penalties on Foshan Lighting, the following investors who have bought or held Foshan Lighting stocks can get compensation: 1. Buy Foshan Lighting before July 5, 2012 (including the day). The stock is held at the close of trading on July 5, 2012. It is possible to obtain compensation for the price sold or held within the statutory time below the purchase price. 2. Purchase Foshan Lighting's stock before noon on November 5, 2012 (excluding afternoon), and hold it at the close of noon on November 5, 2012. The price sold during the statutory time is lower than the purchase price. May receive compensation.
Lawyer Wu Lijun said that the securities claim does not distinguish the number of shares held by the shareholders, nor the geographical location of the shareholders. The legal interests of any shareholders are illegally violated, and they all have the right to file an application for compensation, and they should also receive corresponding compensation. In China, the premise of the claim of the stockholders is the administrative punishment of the CSRC or the Ministry of Finance, and the judgment of the court. These three are the pre-procedures for the indictment of claims, that is, without the administrative punishment of the relevant departments, the shareholders can not file a claim. However, when the SFC has already initiated a case investigation on a listed company, investors can prepare for the claim in advance.
In addition, Wu believes that at present, China's corresponding legal system for securities claims has certain flaws. For example, the pre-procedure system mentioned above has, to a certain extent, caused investors' enthusiasm for claims to be hit. In addition, the court currently encourages mediation, but in the case of conclusive evidence that the listed company violates the rules and the basis of the claim amount is relatively clear, mediation is only a kind of profit-making behavior of the shareholders on the time cost of funds. Such a mediation ratio space is basically not available to listed companies. Attractive.
In addition, after many false statements by listed companies, they were bankrupt and reorganized during the long-term investigation of the CSRC. The shareholder group, one of the main creditors, was unable to participate in the bankruptcy reorganization resolution and could only passively accept the compensation of future claims. Proportion, this is also a damage to the rights of the majority of shareholders.
Wu pointed out that investors are the cornerstone of the securities market. The lack of protection for the cornerstone will inevitably affect the prosperity of the securities market and indirectly affect the development of China's economy. "In terms of system design, there is motivation to have vitality, including the fact that the CSRC has no time limit for filing investigations, which has led to a long delay in filing investigations. At the same time, experts in the market have no interest in exploiting the fraud of listed companies, making many experts seem to The obvious problem is that no one is willing to expose it."
(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.)
According to the law, after the CSRC has imposed administrative penalties on Foshan Lighting, the following investors who have bought or held Foshan Lighting stocks can get compensation: 1. Buy Foshan Lighting before July 5, 2012 (including the day). The stock is held at the close of trading on July 5, 2012. It is possible to obtain compensation for the price sold or held within the statutory time below the purchase price. 2. Purchase Foshan Lighting's stock before noon on November 5, 2012 (excluding afternoon), and hold it at the close of noon on November 5, 2012. The price sold during the statutory time is lower than the purchase price. May receive compensation.
Lawyer Wu Lijun said that the securities claim does not distinguish the number of shares held by the shareholders, nor the geographical location of the shareholders. The legal interests of any shareholders are illegally violated, and they all have the right to file an application for compensation, and they should also receive corresponding compensation. In China, the premise of the claim of the stockholders is the administrative punishment of the CSRC or the Ministry of Finance, and the judgment of the court. These three are the pre-procedures for the indictment of claims, that is, without the administrative punishment of the relevant departments, the shareholders can not file a claim. However, when the SFC has already initiated a case investigation on a listed company, investors can prepare for the claim in advance.
In addition, Wu believes that at present, China's corresponding legal system for securities claims has certain flaws. For example, the pre-procedure system mentioned above has, to a certain extent, caused investors' enthusiasm for claims to be hit. In addition, the court currently encourages mediation, but in the case of conclusive evidence that the listed company violates the rules and the basis of the claim amount is relatively clear, mediation is only a kind of profit-making behavior of the shareholders on the time cost of funds. Such a mediation ratio space is basically not available to listed companies. Attractive.
In addition, after many false statements by listed companies, they were bankrupt and reorganized during the long-term investigation of the CSRC. The shareholder group, one of the main creditors, was unable to participate in the bankruptcy reorganization resolution and could only passively accept the compensation of future claims. Proportion, this is also a damage to the rights of the majority of shareholders.
Wu pointed out that investors are the cornerstone of the securities market. The lack of protection for the cornerstone will inevitably affect the prosperity of the securities market and indirectly affect the development of China's economy. "In terms of system design, there is motivation to have vitality, including the fact that the CSRC has no time limit for filing investigations, which has led to a long delay in filing investigations. At the same time, experts in the market have no interest in exploiting the fraud of listed companies, making many experts seem to The obvious problem is that no one is willing to expose it."
(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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