Thousands of shareholders filed a lawsuit against Foshan Lighting Information Disclosure and held a pre-trial evidence exchange at the Guangzhou Intermediate People's Court on July 7. It is scheduled to be heard on July 9. Relevant persons told reporters that the claim amount in this case was as high as 180 million yuan, and Foshan Lighting’s net profit for nearly half a year was facing the risk of being swallowed up.
Disaster from the letter Phi violations <br> <br> Foshan Lighting on March 7, 2013 disclosed the China Securities Regulatory Commission received notice of Guangdong Securities Regulatory Bureau of the administrative penalty decision. According to the decision book, as many as 15 companies, such as Foshan Schnoqi California Electric Co., Ltd. and Foshan Xinbang Electric Lighting Co., Ltd., directly or indirectly controlled by the relatives of Foshan Lighting’s chairman and general manager Zhong Xincai, are Foshan Lighting. Related parties, but since 2010, Foshan Lighting has concealed the above-mentioned relationship, and at the same time, in the case of transactions with related parties exceeding the disclosure standards, it has not been reviewed by the board of directors and has not been announced in time, violating relevant securities regulations. To this end, the regulatory authorities He ordered the lighting of Foshan to be corrected, gave a warning, and imposed a fine of 400,000 yuan. He also imposed penalties on the then chairman and general manager Zhong Xincai and others.
Subsequently, some shareholders have successively filed civil claims, and Foshan Lighting has also announced relevant litigation matters. Wu Lijun, a lawyer at Shanghai Oriental Cambridge Law Firm, said that as of March 15, the number of shareholders who sued Foshan Lighting reached 1,303, and the amount claimed was as high as 180 million yuan.
According to the information obtained by the reporter, there are currently more than 3,000 lawyers representing more than 1300 lawyers in the country seeking compensation from Foshan Lighting. Among them, 163 shareholders claimed by Wu Lijun have claimed more than 15 million yuan.
On July 7, the evidence exchange process for a group of shareholders was successfully completed. “Foshan Lighting commissioned lawyers and assistants to participate in a total of 8 people to check the authenticity of the shareholders' materials. When the court officially opened on the 9th, the court will ask whether the parties agree to the settlement. If the listed company also agrees to settle, then the listed company will be responsible for the compensation. It is estimated that the amount of compensation for the company is between 50% and 100% of the amount of the claim, which varies according to the time of purchase." Wu Lijun said.
Half-year profit or swallowed <br> <br> The shareholder claims event has brought a greater impact on corporate governance aspects of FSL. On April 25, 2014, Foshan Lighting issued a special announcement stating that an investor complaint handling system will be established to establish and improve the investor complaint handling mechanism and further standardize the handling of investor complaints.
The reporter noted that Foshan Lighting achieved a net profit of 71.35 million yuan in the first quarter of 2014. Although the company has not disclosed the semi-annual report, it calculated according to the total net profit of 250 million yuan last year, according to the claim amount of 100 million yuan to 50%. 100% of the ratio, or will swallow the net profit of Foshan Lighting for nearly half a year.
"And, this is not all." Wu Lijun pointed out that in fact, the number of shareholders who meet the claim conditions is more than 100,000, and currently more than 1,300 people involved in the claim lawsuit, accounting for only 1%. Since the claim can be vested for up to March 2015, if the claim is pronounced on July 9th, the other shareholders will be encouraged to join the claim.
Some industry insiders believe that the lawsuit is still difficult to achieve in the short term. Relevant analysts of CITIC Securities pointed out that the number of litigants is large, and it will take a long time for investors to meet the claim conditions and their claim amount. It is expected that the court hearing will be difficult to conclude in the short term.
Disaster from the letter Phi violations <br> <br> Foshan Lighting on March 7, 2013 disclosed the China Securities Regulatory Commission received notice of Guangdong Securities Regulatory Bureau of the administrative penalty decision. According to the decision book, as many as 15 companies, such as Foshan Schnoqi California Electric Co., Ltd. and Foshan Xinbang Electric Lighting Co., Ltd., directly or indirectly controlled by the relatives of Foshan Lighting’s chairman and general manager Zhong Xincai, are Foshan Lighting. Related parties, but since 2010, Foshan Lighting has concealed the above-mentioned relationship, and at the same time, in the case of transactions with related parties exceeding the disclosure standards, it has not been reviewed by the board of directors and has not been announced in time, violating relevant securities regulations. To this end, the regulatory authorities He ordered the lighting of Foshan to be corrected, gave a warning, and imposed a fine of 400,000 yuan. He also imposed penalties on the then chairman and general manager Zhong Xincai and others.
Subsequently, some shareholders have successively filed civil claims, and Foshan Lighting has also announced relevant litigation matters. Wu Lijun, a lawyer at Shanghai Oriental Cambridge Law Firm, said that as of March 15, the number of shareholders who sued Foshan Lighting reached 1,303, and the amount claimed was as high as 180 million yuan.
According to the information obtained by the reporter, there are currently more than 3,000 lawyers representing more than 1300 lawyers in the country seeking compensation from Foshan Lighting. Among them, 163 shareholders claimed by Wu Lijun have claimed more than 15 million yuan.
On July 7, the evidence exchange process for a group of shareholders was successfully completed. “Foshan Lighting commissioned lawyers and assistants to participate in a total of 8 people to check the authenticity of the shareholders' materials. When the court officially opened on the 9th, the court will ask whether the parties agree to the settlement. If the listed company also agrees to settle, then the listed company will be responsible for the compensation. It is estimated that the amount of compensation for the company is between 50% and 100% of the amount of the claim, which varies according to the time of purchase." Wu Lijun said.
Half-year profit or swallowed <br> <br> The shareholder claims event has brought a greater impact on corporate governance aspects of FSL. On April 25, 2014, Foshan Lighting issued a special announcement stating that an investor complaint handling system will be established to establish and improve the investor complaint handling mechanism and further standardize the handling of investor complaints.
The reporter noted that Foshan Lighting achieved a net profit of 71.35 million yuan in the first quarter of 2014. Although the company has not disclosed the semi-annual report, it calculated according to the total net profit of 250 million yuan last year, according to the claim amount of 100 million yuan to 50%. 100% of the ratio, or will swallow the net profit of Foshan Lighting for nearly half a year.
"And, this is not all." Wu Lijun pointed out that in fact, the number of shareholders who meet the claim conditions is more than 100,000, and currently more than 1,300 people involved in the claim lawsuit, accounting for only 1%. Since the claim can be vested for up to March 2015, if the claim is pronounced on July 9th, the other shareholders will be encouraged to join the claim.
Some industry insiders believe that the lawsuit is still difficult to achieve in the short term. Relevant analysts of CITIC Securities pointed out that the number of litigants is large, and it will take a long time for investors to meet the claim conditions and their claim amount. It is expected that the court hearing will be difficult to conclude in the short term.
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