Datang Telecom Case second trial false statement revealed day

The uproar of Datang Telecom (600198.SH) case of the first trial met with cold. 66 people, more than 30 million yuan compensation request amount, only two people were compensated, the amount awarded is only hundreds of yuan.　　The plaintiff either dispersed slightly or retreated to the sidelines, and some swore to the end of the lawsuit. October 22 Morning, the Beijing High Court hearing Datang Telecom appeal case.　　Both sides of the debate focused on the identification of false disclosure day, Datang Telecom for their own fraud "pay", the single fee is tens of thousands of yuan, or tens of millions of yuan, will be seen on this issue. Datang Past stock market risk, the market must be cautious.　　However, the risk is not equal to the loss, investors have to open their eyes, good discrimination. In 2007, under the inspiration of the 3G concept, Mr. Wang of Beijing bought the shares of Datang Telecom. From April 25 of that year, he bought the shares in a total of more than 120,000 shares per share of 21.16 yuan to 26.53 yuan, totaling more than 2.8 million yuan.　　In addition to the sale of more than 46,000 shares, to the same year August 20 Mr. Wang still holds Datang telecom company shares 75200 shares, the overall cost of more than 1.7 million yuan. It was on August 20, 2007 that the SFC issued the "prior notice of administrative punishment" to Datang Telecom (hereinafter referred to as "the punishment Notice"), because Datang Telecom violated the relevant regulations of enterprise accounting, resulting in the 2004 profit of more than 37 million yuan, and in 2004 Annual report ( April 6, 2005 disclosure of false financial information, constitutes the original "Securities law" 177th of the disclosure of information has "false record" behavior. Since then, the company's shares have fallen in the two-tier market. August 20, the shares closed to 19.57 Yuan, the same year November 5, the share price slipped to 16.20 yuan. In the same period, the Shanghai index rose from 5,149 to 5,914 points.　　During this period Mr Wang held the value of the stock market shrank by more than 500,000 yuan. Take the November 5 market price to calculate, is because according to the Supreme People's Court on the trial of the securities market due to false statements of civil compensation cases caused by the provisions of the 33rd, the basis for the calculation of investment difference loss is the day of Revelation or correction date, to be affected by the false statement of the accumulated turnover of securities reached its tradable part 100 % of the day.　　From the "Punishment notice" issued date, to November 5, Datang Telecom in the two-tier market turnover rate reached 100%. "At first I thought that this investment loss was the risk of entering the market, and later my friend told me that it was possible to sue for this situation under the law.　　Mr. Wang told the China Business newspaper.　　February 1 This year, Beijing, a Chinese court to accept Mr. Wang's prosecution, the lawsuit claims for compensation in accordance with the above standard calculation of losses plus litigation costs amounted to more than 540,000 yuan. When Mr. Wang through understanding the relevant laws and regulations, more and more to confirm his rights and interests by the listed company's illegal damage, the first instance verdict will be Datang telecom false statement on November 8, 2005, the day before, the SFC on suspicion of false statementsTo the Datang Telecom company issued a "case Investigation notice" (hereinafter referred to as "investigation notice"). In accordance with the foregoing, the Court will only support the economic loss caused by the buyer's purchase after April 6, 2005 until November 8, 2005, and after November 8, 2005 or after the date of the exchange rate of 100% per cent on December 23, 2005 (since November 8).　　In this way, Mr. Wang was excluded from the compensation list. "When I bought the stock, I never heard of the 2005-year thing (Datang was on the case), it was in the first instance, the evidence submitted by the other party to see this" investigation notice "to know that there is such a thing.　　"said Mr. Wang. Mr. Wang told reporters that when he bought stocks, he usually looked at the company's first year of performance, it is impossible to check the situation two or three years ago. And when he was in charge of the proceedings in 2005 Datang Telecom by the SFC to investigate the case, the Datang Telecom Company's website and securities companies provided by the stock information also did not find relevant content. "They (the securities companies) provide information that has a deadline, too early to find."　　"he said. After August 20, 2007, Mr. Wang continued to hold the shares of Datang Telecom, and was gradually caught up in the hold-up. October 28, 2008, the shares fell to the bottom, each share price is only 3.6 yuan. "It's all ruined!"　　"Bring this up," Mr. Wang said. The appeal was October 22, with the court hearing another two appeals filed by the Datang Telecom case. In the Court, both parties have no objection to the facts found by the court of First instance, and the controversy focuses on the determination of the date of disclosure of the false statement. Mr Wang thinks that the first-instance verdict clearly distorts the law and is contrary to common sense. The SFC's investigation notice of August 11, 2005 simply said that Datang Telecom was ' suspected ' of false statements and that it could not be counted as a real revelation. "he said.　　This view has been raised in the first instance but has not been supported by the Court of First instance. According to article 20th of the Supreme Court's provisions on the trial of civil compensation cases arising from false statements in the securities market, the determination of the false statement date requires three elements: misrepresentation, initial public and national media coverage.　　In the process of second instance, the focus of the two sides ' contention is that the so-called "disclosure of false statements" needs no specific content. Another two of the appellant's agent, Yang Chaoquan, a lawyer at Yang Chaoquan law firm in Beijing, presented a new piece of evidence to the court that, in 2003, Datang Telecom had been investigated by the SFC but was not penalized by the SFC. He tried to use the material to explain that there was no connection between the SFC's case investigation and the penalty decision. Since Datang Telecom has been investigated by the SFC without penalty, then on November 8, 2005 when the company was again investigated, how can shareholders be sure that this will be punished, thus "Mingchi, undeterred"? As a result, Yang Chaoquan that the date of investigation notice cannot be issuedThe day of revelation for misrepresentation.　　For the authenticity of this new evidence, the appellant has no objections to the case, but that the evidence is not relevant to the present cases. After the investigation notice of November 8, Datang Telecom's share price did fall sharply, which seems to indicate that the market is aware of the company's illegal facts.　　and Yang Chaoquan Lawyers think that is only a panic decline, not the impact of illegal acts on the market caused by the "illegal energy" in August 21, 2007, "The punishment notice" clearly pointed out the content of the false statement before release, resulting in losses. The appellant did not put forward new evidence, only to point out that, with the experience of foreign securities litigation, civil compensation involving false statements mainly occurred in the "circle money" stage of IPO, but rarely occurred in the continuous disclosure, the latter is "Chinese characteristics". The appellant believed that the first instance judgment to this "has the Chinese characteristic" the system to carry on the strict grasping, is conforms to the legislative intent, therefore requests the second instance court to support the verdict.　　The appellate party attorney denied the "foreign experience" of Datang Telecom. The important revelation Day revolves around the determination of a date, with both sides acrimony for nearly one hours.　　Notice that this date is a serious one. In the first instance of this case, a total of 66 people prosecuted, the amount of money involved is as high as more than 32 million yuan. The two sides have clashed on a number of issues, such as the causal relationship between false statements, false statements and losses. The first instance verdict disappointed the plaintiff: only two people were compensated and the compensation was only hundreds of yuan.　　It is reported that after the first instance of the verdict, a total of several plaintiffs filed an appeal, of which Yang Chaoquan law firm has 17 agents. Yang Chaoquan lawyer told reporters: "If we think of the disclosure day, then the appeal of the 17 people should receive full compensation, the amount of more than 4.1 million yuan." Other individuals have not been represented by lawyers, and there are some amounts. "Then Datang Telecom for its own false disclosure of the bill, the single fee is 30,000 yuan or more than 4 million yuan, the main problem in this false statement on the determination of the day, the first instance of the date of November 8, 2005, the investigation notice to make the day, the majority of the plaintiff excluded." As a result, the appellant focused its firepower on uncovering the day's onslaught. In fact, this case has only one focus, that is, the determination of the false disclosure date.　　"This is a new point of view put forward by lawyer Yang Chaoquan in the appeal trial."　　In order to take back his own losses and seek justice, Mr. Wang said that the Supreme Court was also Ins. Yang Chaoquan lawyer told reporters that in this case, the issue of "Revelation Day" is very representative, more and more false statement cases are encountered, including the future of Wuliangye case, it is necessary to be brought by the High Court of Beijing to reply to the Supreme Council, so that this category of cases can be properly resolved thereafter. He made this appeal to the Court of Appeal. After the trial, Mr. Yang said investors would likely continue to apply to the Supreme Court if the Beijing High Court made a ruling without a requestV.。 The case is still pending and will be pronounced on a day.