Pathfinder flaw: True and accurate integrity of the principle of the cloak of inviolability

China Securities Daily published yesterday, "Gold Agents Fange, Pathfinder (39.400,1.28,3.36%)" Dress up on the listing "show flaws" a paper aroused many attention. The legal profession believes that information disclosure is the soul of the Securities Act.　　The principle of "true, accurate and complete" of the information disclosure of listed companies required by the securities law cannot be tainted. The 63rd article of the Securities Law stipulates that "the information disclosed by the issuer and the listed company according to law must be true, accurate and complete, without false records, misleading statements or major omissions." "The new Chengdu department store, which was signed by the Pathfinder on September 19, 2009, will be put into use in 2011 years," said Pathfinder, who is expected to complete the shop construction of the new Chengdu store in 1 years, which means the shop will be built before September 19, 2010.　　Pathfinder to be used to raise funds in Chengdu Renhe Spring three branches opened three stores, and benevolence spring mainly in the sale of luxury goods, Pathfinder can enter is still uncertain. Pathfinder in its prospectus said, as of June 30, 2009, the company has a total of direct shop and franchise 430, of which 382 stores, 48 direct shop. Pathfinder only gave a general figure, did not disclose the specific address and name of the store.　　Some of the closed stores remain on the Pathfinder website's sales network. Analysts said that for commercial retail enterprises, the channel for the King, the number of terminal shop and the company's profitability, operating performance has a very large relationship, but also investors to determine the value of their investment is a significant basis. However, the marketing network that Pathfinder said in his prospectus has a big discrepancy with the fact. Pathfinder called "Wuhou Temple Store", the reporter visited the discovery, this is an outdoor supplies integrated shop, not only sales Pathfinder brand, but also sales Fes other outdoor brands, not Pathfinder stores.　　Pathfinder called the South Gate store, the results of the visit and the Temple store, like Wuhou, belong to the general store. Pathfinder will be integrated shop inside the counter depicted as a store, not only in Chengdu, in Sichuan Yaan, Deyang, Mianyang and other regions have similar situation.　　People familiar with the situation, Pathfinder in Hubei province, about 16 stores are also multi-brand business, not Pathfinder stores and franchise stores. Why does the Pathfinder have to say "owning" the store that has no ownership relationship?　　The prospectus is marked by an exaggerated end-channel as a suspect of a listing chip.　　Liu Junhai, a professor at Renmin University Law School, said must understand the basic rules of information disclosure correctly, information disclosure is the soul of securities law, the soul of securities supervision and the soul of the supervision of the gem, the Information disclosure obligation person must ensure the truth, accuracy, integrity, fairness, timeliness, easy solution and easy getting of information disclosure.　　However, the Pathfinder in its prospectus disclosed in the fund-raising project and marketing network construction, leaving investors is a lot of confusion and puzzled. Article 69th of the Securities Act stipulates that "the issuer, the public company noticeProspectus, corporate bond raising methods, financial accounting reports, listing reports, annual reports, interim reports, interim reports, and other information disclosure information, if there are false records, misleading statements or major omissions, causing investors to suffer losses in securities transactions, issuers and listed companies shall be liable for compensation; issuer , directors and supervisors of listed companies, senior managers and other directly responsible persons, as well as sponsors, underwriting securities companies, shall bear joint and several liability for the issuer and the listed company, except that they can prove that they have no fault; the issuer, the controlling shareholder of the listed company, and the actual controller shall have fault with the issuer, The listed company shall bear Joint and several liability. "189th of the Securities Act stipulates that" the issuer does not meet the conditions of issue, fraudulently defraud the issuance of the issue for approval, and has not yet issued securities, punishable by a fine of less than 600,000 yuan of 300,000 yuan or more, and a fine of less than 5% of the amount of money raised by an illegal fund. The directly responsible supervisors and other persons directly liable shall be fined for less than 300,000 yuan of more than 30,000 yuan. If the controlling shareholder or the actual controller of the issuer directs the conduct of the offences in the preceding paragraph, the penalty shall be in accordance with the provisions of the preceding paragraph. "Song Yixin, a partner at the Shanghai New Hope Tatsu law firm, said since the storm has come out, the regulatory authorities should intervene and conduct investigations," the results of the investigation are nothing but two: first, if the Pathfinder exists false distribution, the regulatory authorities should be responsible for the administrative punishment; the other is that the company does not have a false issue,　　Should also be announced to reassure the broad masses of investors. Liu Junhai, a professor of law at Renmin University of China, points out that if a regulatory agency investigates the existence of a false issue, it will include administrative penalties, civil litigation compensation, and even criminal liability, in terms of legal risks that should be borne.