Lawyer Li Hongjie recently received a judgment of first instance from Shenzhen Intermediate people's Court in the case of some shareholders suing Huaxun Ark (000687, Huaxun retreat) for securities misrepresentation. The court held that there was a causal relationship between the misrepresentation of Huaxun Ark and the loss of investors. After deducting the systematic risk of the securities market, Huaxun Ark compensated the plaintiff for the investment loss of the plaintiff, the former senior executives of the company, and the audit institutions of the accounting annual report bear some joint and several liability for the loss of investors. (lawyer Li Hongjie column)
Huaxun Ark was put on file for investigation by CSRC in 2021 and 2022 respectively. CSRC made Administrative penalty decision No. 3 (2020) and No. 15 (2024) twice to impose administrative punishment on Huaxun Ark. Administrative penalty decision No. 3 (2021) confirms that there are false records in Huaxun Ark's "2016 semi-Annual report", "2016 Annual report", "2017 semi-Annual report", "2017 Annual report" and "2018 semi-Annual report". (2024) No. 15 "Administrative penalty decision" found that Huaxun Ark made financial fraud through ad hoc network business and radar business from 2015 to 2020, and did not disclose the external guarantee situation from 2017 to 2019 in accordance with the regulations.
The court of first instance found that Huaxun Ark falsely increased operating revenue and profits from 2015 to 2020 and failed to disclose external guarantees through businesses such as fictional self-networking and radar. The above-mentioned acts of the defendant Huaxun Ark have constituted illegal acts of disclosure of information such as false records and major omissions in violation of paragraph 2 of Article 78 of the Securities Law and Article 4 of the provisions of the Securities Law, and constitute infringement of false statements. No matter from the intensity of administrative supervision requirements, or from the changes of Huaxun Ark stock trading price after the disclosure of false statements, Huaxun Ark's false statements are of great importance. The court found that there is a direct causal relationship between the plaintiff's loss and the defendant's false statement. After deducting the systematic risk, the defendant Huaxun Ark should bear full liability for the plaintiff's loss.
Lawyer Li Hongjie reminded that the statute of limitations of the claim against Huaxun's Ark is only two months left as of July this year. Qualified damaged investors are required to protect their rights during the limitation period of the lawsuit, and the last bus of the claim will be missed after the expiration of the period. According to the judgment of the first instance, the investors who are currently eligible for claims areIrishluckcasinonodepositbonusThose who bought from April 30, 2016 to October 27, 2020 (inclusive) and sold or held Huaxun Ark shares after October 27, 2020 and suffered losses. (the final condition is subject to the effective judgment of the court) (Huaxun withdraws its rights entrance)
(this article is contributed by Li Hongjie, a lawyer from Guangdong Julong Law firm, and does not represent the views of Sina Finance. Lawyer Li Hongjie has represented a dispute over the responsibility of investors claiming misrepresentation of listed companies: Guangdong Pearl (rights protection), Suoling shares (rights protection), Changyuan Group, Tongzhou Electronics, King Kong Glass, Beijing Culture (rights protection), Huayu Software (rights protection), Zhonggong Education (rights protection), Zhongtian Science and Technology (rights protection), Hi-Tech, Aurede, Xinjiang Haoyuan, Aerospace Communications, Tianrun entertainment, Tianma shares, Hermei Group. Baobaolong, Huaxun Ark, Xilong Science (rights protection), Hongxiang shares, Poly Union (rights protection), Shenzhen Chase and other cases. )