“Not open?†“Not open!†At 9:00 on the 22nd, Foshan Lighting’s false statement liability dispute, which was originally scheduled to be heard in the 31st Court of the Guangzhou Intermediate People’s Court, did not appear as scheduled. Several shareholders and attorneys came to the scene before they learned that the defendant had filed a jurisdictional objection and the trial was forced to be postponed. According to the current compensation of more than 70 million claims, if the successful claim will have a greater impact on Foshan Lighting's annual profit.
"The probability of being rejected is almost 100%"
The court notice issued by the official website of the Guangzhou Intermediate People's Court showed that the plaintiffs of the day were Zou and Xu. According to relevant insiders, the number of investors who will be sued in the Guangzhou Intermediate People's Court and appeal to Foshan Lighting will be more than 2,000, and the amount involved will exceed 200 million yuan. However, the court has not yet ruled whether part of the case will be tried and no formal notification of the progress of the series.
Li Xiuzhen, a lawyer of Guangdong Legal System Shengbang Law Firm, has issued a public collection order through the Internet since March this year. He said that at present, the lawsuits of more than 20 shareholders have been represented, and the per capita claim amount is more than 100,000 yuan.
In response to the jurisdictional objection raised by Foshan Lighting, Li Xiuzhen believes that the possibility of being rejected is almost 100%. The relevant judicial interpretation issued by the Supreme Law in 2003 clearly stipulates: “The false claims of civil compensation cases for securities, by the people of provinces, municipalities and autonomous regions The city where the government is located, the city of the plan, and the Intermediate People's Court of the Special Economic Zone are under the jurisdiction of the People's Court. This means that Foshan, the location of the defendant, will have no jurisdiction, and Guangzhou, as the capital city of Guangdong, accepts the case, which is in full compliance with the law.
What is the role of a jurisdictional objection?
The reporter found that *ST Yaxing, which is facing a false statement dispute just like Foshan Lighting, also raised jurisdictional objections. Then, in the eyes of some people, what kind of role can it play in the strategy of “knowing that it cannot be done?â€
A number of veterans in the securities industry said that their purpose is nothing more than two: First, to prevent the claim from continuing to expand, and second, to mitigate the possible shock to the stock price due to payment of compensation in the future.
Li Xiuzhen also explained that the statutory time limit for such lawsuits is two years, and once the defendant files an objection, even if the court dismissed, the defendant will appeal to the high court and wait for the reopening of the court. The time is likely to be delayed until half a year later. Even if the court is open, if you disagree with mediation, you will have to go through the first and second trials.
According to relevant insiders, the number of investors who will be sued in the Guangzhou Intermediate People's Court and appeal to Foshan Lighting will be more than 2,000, and the amount involved will exceed 200 million yuan.
In response to Foshan Lighting’s jurisdictional objection, Li Xiuzhen, a lawyer at the Guangdong Legal System Shengbang Law Firm, believes that the possibility of rejection is almost 100%.
[case impact]
Future claims amounted to 200 million
For Foshan Lighting, if the first batch of claims is lost, the stockholders’ claims are successful, which will directly affect the company’s total profit this year. At present, the first batch of 515 people (pieces) v. Foshan Lighting’s “claims for securities misrepresentation disputes†has reached a claim amount of 73.428 million yuan, and according to the total profit of Foshan Lighting last year of 472 million, the total profit of this claim Up to 15.6%. Although the final claim of the shareholders is not entirely borne by Foshan Lighting.
In this regard, Foshan Lighting announced in September this year, has predicted the possible impact of the matter on the company's profits. Foshan Lighting announced that "because the case has not been started, it is still impossible to determine the impact of the litigation case on the current or future profit of the company."
What is even more unfavorable is that many attorneys said that with the increase in confidence in claims after the filing, the number of investors applying for claims will increase in the future, and the amount of claims may be as high as 200 million. Such high claims accounted for nearly 50% of Foshan’s total profit last year.
However, a good news for Foshan Lighting was released yesterday. Its latest update to the company's first-year annual report shows that the company won the bid for a series of government subsidies at the level of “National High-Efficiency Lighting Product Promotion Project†in July 2012 and October 2012, totaling 54.48 million yuan, and Foshan Lighting this year. The total profit for the first half of the year was 190 million, up 20.85% over the same period.
The claim event damages the reputation of "cash cows"
From the early years of Foshan lighting workers' mercury poisoning incidents, to the Foshan lighting insider trading case, and related party transactions, the negative events of Foshan Lighting in the past four years have continually damaged the image of the “cash cows†in the A-share market.
The data shows that from the time of listing to 18 years in 2011, Foshan Lighting has distributed a total of 2.476 billion yuan of cash dividends to all shareholders, which is 1.36 billion more than the raised funds of 1.286 billion yuan; the company has also been elected as "2011 China listed company The list of the most socially responsible listed companies in the word of mouth list.
“I used to be optimistic about Foshan Lighting. At that time, I bought 6,000 shares, and I am currently losing about 30%. I know that there are so many negative incidents in Foshan Lighting.†Mr. Cheng, who is in the Panyu District of Guangzhou, took the initiative to call the reporter. Acting lawyer phone, he also said that in November last year, Foshan Lighting received the "China Securities Regulatory Commission investigation notice" and then resumed trading, its stock price appeared "jumping type" fell, 5 minutes to seal the limit to hit 6.2 yuan New low.
In August of this year, the Ministry of Finance disclosed the 2012 internal control analysis report of listed companies. The net profit of 853 companies last year was 1,788.2 billion yuan, and the average net profit was 2.1 billion yuan. Among them, 8 listed companies disclosed major flaws in internal control, and Foshan Lighting was one of its named companies. The reason was precisely because the previous Zhong Xincai family was involved in the undisclosed information of related party transactions.
"The probability of being rejected is almost 100%"
The court notice issued by the official website of the Guangzhou Intermediate People's Court showed that the plaintiffs of the day were Zou and Xu. According to relevant insiders, the number of investors who will be sued in the Guangzhou Intermediate People's Court and appeal to Foshan Lighting will be more than 2,000, and the amount involved will exceed 200 million yuan. However, the court has not yet ruled whether part of the case will be tried and no formal notification of the progress of the series.
Li Xiuzhen, a lawyer of Guangdong Legal System Shengbang Law Firm, has issued a public collection order through the Internet since March this year. He said that at present, the lawsuits of more than 20 shareholders have been represented, and the per capita claim amount is more than 100,000 yuan.
In response to the jurisdictional objection raised by Foshan Lighting, Li Xiuzhen believes that the possibility of being rejected is almost 100%. The relevant judicial interpretation issued by the Supreme Law in 2003 clearly stipulates: “The false claims of civil compensation cases for securities, by the people of provinces, municipalities and autonomous regions The city where the government is located, the city of the plan, and the Intermediate People's Court of the Special Economic Zone are under the jurisdiction of the People's Court. This means that Foshan, the location of the defendant, will have no jurisdiction, and Guangzhou, as the capital city of Guangdong, accepts the case, which is in full compliance with the law.
What is the role of a jurisdictional objection?
The reporter found that *ST Yaxing, which is facing a false statement dispute just like Foshan Lighting, also raised jurisdictional objections. Then, in the eyes of some people, what kind of role can it play in the strategy of “knowing that it cannot be done?â€
A number of veterans in the securities industry said that their purpose is nothing more than two: First, to prevent the claim from continuing to expand, and second, to mitigate the possible shock to the stock price due to payment of compensation in the future.
Li Xiuzhen also explained that the statutory time limit for such lawsuits is two years, and once the defendant files an objection, even if the court dismissed, the defendant will appeal to the high court and wait for the reopening of the court. The time is likely to be delayed until half a year later. Even if the court is open, if you disagree with mediation, you will have to go through the first and second trials.
According to relevant insiders, the number of investors who will be sued in the Guangzhou Intermediate People's Court and appeal to Foshan Lighting will be more than 2,000, and the amount involved will exceed 200 million yuan.
In response to Foshan Lighting’s jurisdictional objection, Li Xiuzhen, a lawyer at the Guangdong Legal System Shengbang Law Firm, believes that the possibility of rejection is almost 100%.
[case impact]
Future claims amounted to 200 million
For Foshan Lighting, if the first batch of claims is lost, the stockholders’ claims are successful, which will directly affect the company’s total profit this year. At present, the first batch of 515 people (pieces) v. Foshan Lighting’s “claims for securities misrepresentation disputes†has reached a claim amount of 73.428 million yuan, and according to the total profit of Foshan Lighting last year of 472 million, the total profit of this claim Up to 15.6%. Although the final claim of the shareholders is not entirely borne by Foshan Lighting.
In this regard, Foshan Lighting announced in September this year, has predicted the possible impact of the matter on the company's profits. Foshan Lighting announced that "because the case has not been started, it is still impossible to determine the impact of the litigation case on the current or future profit of the company."
What is even more unfavorable is that many attorneys said that with the increase in confidence in claims after the filing, the number of investors applying for claims will increase in the future, and the amount of claims may be as high as 200 million. Such high claims accounted for nearly 50% of Foshan’s total profit last year.
However, a good news for Foshan Lighting was released yesterday. Its latest update to the company's first-year annual report shows that the company won the bid for a series of government subsidies at the level of “National High-Efficiency Lighting Product Promotion Project†in July 2012 and October 2012, totaling 54.48 million yuan, and Foshan Lighting this year. The total profit for the first half of the year was 190 million, up 20.85% over the same period.
The claim event damages the reputation of "cash cows"
From the early years of Foshan lighting workers' mercury poisoning incidents, to the Foshan lighting insider trading case, and related party transactions, the negative events of Foshan Lighting in the past four years have continually damaged the image of the “cash cows†in the A-share market.
The data shows that from the time of listing to 18 years in 2011, Foshan Lighting has distributed a total of 2.476 billion yuan of cash dividends to all shareholders, which is 1.36 billion more than the raised funds of 1.286 billion yuan; the company has also been elected as "2011 China listed company The list of the most socially responsible listed companies in the word of mouth list.
“I used to be optimistic about Foshan Lighting. At that time, I bought 6,000 shares, and I am currently losing about 30%. I know that there are so many negative incidents in Foshan Lighting.†Mr. Cheng, who is in the Panyu District of Guangzhou, took the initiative to call the reporter. Acting lawyer phone, he also said that in November last year, Foshan Lighting received the "China Securities Regulatory Commission investigation notice" and then resumed trading, its stock price appeared "jumping type" fell, 5 minutes to seal the limit to hit 6.2 yuan New low.
In August of this year, the Ministry of Finance disclosed the 2012 internal control analysis report of listed companies. The net profit of 853 companies last year was 1,788.2 billion yuan, and the average net profit was 2.1 billion yuan. Among them, 8 listed companies disclosed major flaws in internal control, and Foshan Lighting was one of its named companies. The reason was precisely because the previous Zhong Xincai family was involved in the undisclosed information of related party transactions.
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