China hears media false statement formally filed

After Preoccupy (has renamed just Thai Holdings, stock code 600687) False statement 49 shareholders were compensated 2.89 million, "Daily economic news" reporter learned that the recent Hainan Province Haikou Intermediate People's Court (hereinafter referred to Haikou Chinese Academy) has officially accepted the Chinese media (000793,　　Closing price of 5.79 Yuan) false statement securities claims, the first batch of 23 shareholders want to claim 2.38 million yuan.　　07 Accounting information There are four problems originated from China to hear the quality of the media accounting information.　　July 2008, the Ministry of Finance in Hainan Province Office of the Financial Ombudsman (hereinafter referred to as the Commissioner for Office) to the Chinese media 2007 accounting Information quality inspection, lasted two months, the Commissioner office issued a "wealth in the Jones Prison (2008) 132th" Inspection conclusions and processing decisions. The inspection conclusion and processing decision pointed out that China hears the media in 2007 the accounting information quality has the following problems: First, there are problems in the implementation of the new accounting standards; the other is the problem of accounting and financial management; The third is to reduce the tax payment 313,100 yuan; four is the pawn business illegal operation, obtains the　　As for the quality of the accounting information of the media in 2007, the Office of the Commissioner decided to give the administrative penalty to correct and fine. March 3, 2009, China News media issued a notice, according to the above inspection conclusions and processing decisions, the Chinese media and holding subsidiaries in November 2008 to the Ministry of Finance Hainan Commissioner Office of the 2007 and 2007 before the annual accounting errors made corrections, in the compilation of the 2008 comparison report,　　The matter has been treated with retroactive restatement.　　It is worth mentioning that at that time, China heard the media violations is not a separate act, but the company's collective action, financial irregularities are also involved in the Chinese media and several subsidiaries. The limitation of action is two months. Kingjian, senior partner and deputy director of Yufeng law firm, Zhejiang Province, said that "the defendant, China, the media in the public disclosure of the 2007 and the previous annual report of the major accounting errors, is a false statement in the securities market, the defendant's false statement of behavior led to the China to hear the media ' shares suffered significant economic losses, the defendant should be responsible for compensation in accordance with the law, and bear all the costs of the case. "According to Kingjian," the Chinese media securities false statement compensation case has made significant progress, the first batch of 23 shareholders sued the media, the amount claimed up to 2.38 million yuan, these shareholders mainly from Shanghai, Shenzhen, Zhejiang, Jiangsu and other places, Haikou, the Chinese court has officially accepted the above 23 cases. "The report of the Supreme People's Court on the trial of civil compensation cases arising from misrepresentation in the Securities Market" (hereinafter referred to as "provisions"), "The Daily economic news" false statement in the securities market means that the information disclosure obligation violates the law of securities, and in the course of issuing or trading the securities, Making false and misleading statements about the facts of a major event, or any material omission or improper disclosure of information when disclosing information.　　”During this period, the investor is eligible for compensation in accordance with certain conditions, stating that "the initiator, issuer or listed company shall bear civil liability for the loss caused by its misrepresentation to the investor."　　"The above provisions have been implemented since February 1, 2003." Kingjian said, "If the plaintiff, for example, in the period from May 2007 to January 2008, four times to buy ' Wah Wen Media ' 8000 shares, buy the average price of 12.478 yuan/share, after March 3, 2009 to sell the shares, A total loss of 66308.1 yuan (including investment balance loss of 65200 Yuan, commission loss of 97.8 Yuan, stamp duty loss of 65.2 yuan, loss of interest 945.1 yuan). Similar to Mr. Koo's can claim. "It is worth mentioning that, because the Chinese media is issued on March 3, 2009, according to the relevant laws and regulations, the effective period of claim for the release of the announcement of the date of the two years, that is, the Chinese media securities claims for the limitation of action will expire on March 3, 2011, currently only two months left,　　Therefore, shareholders who have not yet prosecuted should seize the time, if they miss the statute of limitations will not be able to prosecute. Kingjian further said: "According to the judicial practice of similar cases, the possibility of opening a court session after the expiry of the limitation of Action on March 3, 2011 is greater." "To extend the reading of the minority shareholder's claim winning probability how to safeguard the rights of small and medium-sized investors in the false statement cases of listed companies?　　A number of lawyers in the industry said that in fact, in 2003, the Supreme People's Court on the trial of the securities market due to false statements of civil compensation cases of the formal implementation of the case, all involved in the case of the small and medium shareholders to claim the winning probability has been greatly improved, and easy to operate. Zhejiang Yufeng Law firm senior Partner, deputy director Kingjian said, "in the Securities civil compensation case, the shareholder's litigation cost is very low, only a lawsuit costs need to be submitted to the court." According to the State Council "litigation fee Payment Method" provisions, generally in the amount of 2% of the claim, and litigation costs ultimately by the losing party burden. So far, the majority of such cases have been borne by the defendant company. "" For a listed company due to false statements to investors in the two-tier market within a specified time to buy the company's stock losses or presumed losses, investors only need to provide the following materials for the lawyer Audit: copy of ID card (legal person to provide a copy of business license), stock Exchange shareholder card copy, The whole of the bill or the original delivery order (which is stamped by the business Department of the Securities Company) and the contact method. Upon receipt of the investor's material, the lawyer will check for free of charge and calculate the specific loss amount. If the investors who meet the conditions of prosecution and the loss of the company wish to entrust the lawyer, the lawyer will provide the relevant litigation documents. Kingjian also pointed out that, overall, the domestic securities civil compensation litigation mechanism is constantly improving, and the current false statement compensation litigation mechanism has been relatively mature. After the listed company has been punished by the regulatory department for misrepresentation,Investors who have taken part in these companies ' two-level market share trading and losses during a specified period of time have been brought to court for compensation in a relatively large percentage. According to preliminary statistics, the current market impact of the major cases are "Oriental electronics", "Yin Guang xia", "CSRC statement structure", "Kelon electrical", "Lantian Shares", "preoccupy" and so on.　　The majority of these cases have been closed, and about 95% per cent of the plaintiffs have been compensated for cash or shares through conciliation or sentencing. But Kingjian lawyers also cautioned that the most crucial thing is the duration of the proceedings.　　Failure to sue for rights within two years of effective litigation will miss the chance to recover losses for shareholders who have suffered losses due to false statements. The daily economic news reporter learned that at present Kingjian lawyers are acting in the second batch of Chinese media claims, more than 30 shareholders have submitted claims materials, is expected to be formally prosecuted in late January next year.