Foshan Lighting "adds to the snow": the second trial has not been prosecuted to increase the number of investors to nearly 2,300 people

Yesterday morning, Foshan Lighting’s false complaints were heard in the Guangdong Higher People’s Court (hereinafter referred to as Guangdong Higher People’s Court), and Foshan Lighting and 13 plaintiff investors were appealed. At the end of the second instance, Foshan Lighting and the investors still did not reach a mediation intention, and the court did not issue a verdict.

In November last year, due to alleged misrepresentation, the Guangzhou Intermediate People's Court (hereinafter referred to as the Guangzhou Intermediate People's Court) ruled that Foshan Lighting compensated more than 900 investors for nearly 60 million yuan in losses, and became the largest collective claim for A-shares in recent years.

Due to dissatisfaction with the first-instance judgment, Foshan Lighting appealed to the Guangdong High Court. After the trial on April 9, the two sides held a heated debate on the six focus issues, but did not pronounce the sentence, the court recommended that the two sides exchange views and mediate as much as possible.

Investor's attorney Li Jian said that inspired by the previous shareholders, many investors in the second instance joined the claim team. At present, there are more than 2,300 people, and the amount of the claim for Foshan Lighting has reached 330 million yuan.

Second instance sentencing court is not <br> <br> 9:30 yesterday, Foshan Lighting impact statements false case to the High Court in Guangdong, 4th Floor, Grand Chamber, composed of five people live by the full court, the appeal Foshan Lighting seats mainly lawyers and minority parties Investors who are still dissatisfied with the results of the first instance are represented by 942 investors who are represented by lawyers in professional securities dispute cases.

According to the information, Foshan Lighting had a number of information disclosure violations in 2010 and 2011. Among them, as many as 15 companies were affiliated companies directly or indirectly controlled by their then relatives, such as Zhong Xincai's son, but Foshan Lighting did not disclose it in the annual report.

In November 2012, the CSRC conducted an investigation and the company's share price fluctuated. On March 6, 2013, the CSRC issued a decision on punishment for Foshan Lighting. Subsequently, more than a thousand investors from various places began to claim for Foshan Lighting.

During the period from 2013 to March 2014, a total of 1,303 investors sued Foshan Lighting on the grounds of “false claims of securities false claims”. On November 14, last year, Guangzhou Intermediate People's Court made a first-instance judgment and sentenced the defendant Foshan Lighting to compensate more than 900. Investors were 59.31 million yuan.

However, Foshan Lighting refused to accept the results of the first-instance judgment and appealed.

In the second instance court, the appellant Foshan Lighting Lawyer believes that the violation of the letter is not a major matter, and further deduces that Foshan Lighting does not constitute a false statement of responsibility, but also has no direct responsibility for the investor's loss.

The respondent on behalf of 942 investors had no objection to the judgment of the first instance and hoped to reject Foshan Lighting’s appeal and maintain the original judgment.

Subsequently, the appellant and the appellant defended around the six focus issues, including whether Foshan Lighting was punished by the Securities and Futures Commission for whether it was a major incident or a false accusation and whether there was a direct causal relationship with the stock price decline. "Significant matters are clearly stipulated in the Securities Law. The Guangzhou Intermediate People's Court also made judgments and judgments, which constitutes a false statement. There is no doubt that the appellee's loss has a causal link with the appellant's false statement." Guangdong Benben Lawyer Liu Guohua, director of the firm, said.

Before the trial ended, the collegial panel asked whether the parties agreed to mediation. The investor's attorney expressed his willingness to accept mediation. Foshan Lighting's attorney said that Foshan Lighting did not grant mediation rights to the law firm, reserved opinions on mediation, and hoped that the investor would propose a mediation plan.

Zhou Yusheng, a lawyer at Guangdong Green Law Firm, who is the agent of Foshan Lighting, believes that 90% of the stock price decline is due to the disclosure of information disclosure violations. Only 10% of the stock price falls after this time point. At the time, A-shares generally fell, so Foshan Lighting did not need to be responsible for investors because of its falling stock price. In addition, Zhou Yusheng insisted that the incident was not enough to rise to litigation: "The premise of false statements is the disclosure of information on major issues, but the incident of Foshan Lighting failed to reach the level of 'major matter'. The premise is not established. And it cannot constitute a false statement."

Li Jian, a lawyer of Zhejiang Yufeng Law Firm, who is an agent for investors, believes that the possibility of maintaining the original judgment in the second trial is very high. "With the subsequent cases that have not yet been heard in the first instance, it is expected that the total compensation of Foshan Lighting will exceed 150 million yuan. , set a record for cash claims in China's securities civil compensation cases."

Although it has not yet been pronounced, this second trial will be the final review, which means that the Foshan lighting case that has been entangled for more than two years will reach the end, and the results will be demonstrated to the remaining batches of cases that have not yet been tried.

Shareholders sued to nearly 2,300 people <br> <br> In fact, the Guangdong High Court in the second trial, meaning very important for FSL, if the second instance upheld the conviction, due to the increase in the number of claims for investors, Foshan Lighting will be compensation The amount will reach 150 million yuan.

Although Foshan Lighting did not have to compensate the stockholders for losses during the appeal period, Foshan Lighting announced on January 6 that the compensation for the first-instance judgment and the litigation fee of 61.44 million yuan were accrued. "Especially after the first-instance judgment was encouraged, many investors joined the claim team. According to the previous company lawsuit, the total number of claims in this case was 2,279, and the total amount of the claim was about 330 million yuan." Li Jian, a lawyer at Feng Law Firm, said.

Li Jian said that the probability of maintaining the original judgment in the second instance is relatively large. If the mediation is based on the first-instance judgment, "if the second instance maintains the original judgment, according to the previous payment standard, the compensation is generally 50%, and the entire compensation fee may be as high as 150 million yuan. This is very rare in terms of civil compensation."

The financial report shows that Foshan Lighting achieved operating income of 2.36 billion yuan in the first three quarters of 2014, a year-on-year increase of 25%, and net profit of 300 million yuan, a year-on-year increase of 25%. If the second instance maintains the first-instance judgment, Foshan Lighting compensates as much as 150 million yuan. Will have a huge impact on its net profit. "For the time being, our lawyers have not obtained the mediation authorization from the company's decision-making level. We believe that this does not constitute a major event and therefore does not constitute a false statement," said Foshan Lighting attorney Zhou Yusheng.

Activist investors hope the early implementation did not want to toss <br> <br> yesterday, the two sides in addition to the attorney, there are a few of the identity of the appellant participated in the trial to defend themselves investors.

A couple who did not want to be named from a long distance from Nanning, Guangxi, were the appellants of the case. Among them, the woman said that she began to buy Foshan lighting stocks from 2010, and finally the total value of stock assets shrank by nearly half, and the losses amounted to more than 70,000 yuan, but the first-instance judgment only compensated more than 30,000 yuan, which was not satisfied with the compensation results. Regarding why there was no choice of appeal, the woman said: "The appeal requires fees, and in order to save the lawyer's agency fee, we would rather come to see it personally. Although we are not satisfied with the first-instance judgment, if we can implement it, we do not want to toss."

Aunt Zeng from Guangzhou wants to make a claim for shrinking his stock of 30,000 yuan. “From July 15, 2010 to July 6, 2012, according to the closing price, Foshan Lighting fell by 38.40%, which was greater than the decline of the Shenzhen Component Index and the Small and Medium-sized Board Index.” Zeng Ayi believed that Foshan Lighting concealed There is an inevitable connection between information behavior and stock price decline, but it does not exclude reconciliation. "It depends on what conditions Foshan Lighting has to offer, and certainly not too low. We don't want to be too tossed."

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