FSL's former stock market good child is now the scandal continues

According to FSL's announcement, the company received on September 17th in Guangzhou City Intermediate People's court "summons", "notice" and other relevant legal documents, the Guangzhou City Intermediate People's court accepted the plaintiff has filed 515 (pieces) for Securities Misrepresentation liability disputes on the grounds of the company filed a civil lawsuit, require the company to assume the illegal information disclosure civil liability for compensation, claims amounting to 73 million 430 thousand yuan RMB and HK $81 thousand and 900. The old stock market good child scandal is not.

By 515 investors filed a court yesterday, FSL announced recently by the court of the 515 investors to Securities Misrepresentation liability dispute on the grounds that the company claims more than $70 million. This is one of the largest number of investors in the history of securities rights activist case.

According to FSL's announcement, the company received on September 17th in Guangzhou City Intermediate People's court "summons", "notice" and other relevant legal documents, the Guangzhou City Intermediate People's court accepted the plaintiff has filed 515 (pieces) for Securities Misrepresentation liability disputes on the grounds of the company filed a civil lawsuit, require the company to assume the illegal information disclosure civil liability for compensation, claims amounting to 73 million 430 thousand yuan RMB and HK $81 thousand and 900.

The old stock market "good child" scandals FSL listed since 1993, has always been the main business focus, robust performance, and because of the high dividend for many years and was known as "cash cow"; the company for ten consecutive years was rated "gold medal secretaries, has been talked about for investors. But since 2010, the stock market "good child" sudden scandal in August 13th of that year, chairman Zhuang Jianyi, Dong Mizou in Jianping investigation, in the "insider trading"; after August 20th, FSL disclosure and pihsiang signed a cooperation related to the electric car industry, but before the good news spread throughout the network, and trap leak door; less than two years, FSL reoccurrence of the letter phi, chairman Zhong Xincai was involved in the door.

According to the decision of the regulatory authorities in July 6, 2012 FSL announced the punishment, the Guangdong Securities Regulatory Bureau found the company in 2009 annual report, 2010 annual report and 2011 Annual Report, and report, did not disclose the relationship and related transactions with affiliates.

After the disclosure of the news caused a sharp fall in the share price of FSL, the day fell 6.96%, investors suffered heavy losses. In March 7th this year, FSL also announced that it received the Guangdong administrative punishment decision. The punishment book shows that FSL in 2010 2011, many times during the disclosure of information in violation of the provisions of listed companies, the major security matters involving related parties and related parties, and related to daily business related transactions and investment and acquisition are not truthful disclosure.

FSL was ordered to correct and warning, and was fined 400 thousand yuan, other relevant responsible person was given a warning and a different degree of fines.

After the results of the administrative penalty issued by the regulatory agencies, activist investors will also be damaged. FSL shares fell contrarian yesterday, FSL shares bucked down, to close at 6.37 yuan, down 0.93%. For the case of the impact of the company, FSL said, because the case did not start the trial, is still unable to determine the impact of litigation on the company's current profit or profit after the period.