Qinshang proposed dispute case jurisdiction objection to Dongguan court requirements

From the well-known human rights lawyer securities, Guangdong Ben Ben law firm director Liu Guohua informed, small shareholders sue KingSun Securities Misrepresentation liability dispute has attracted the attention of all sectors have recently received new trends, the Guangzhou City Intermediate People's court delivered KingSun raised objection to the jurisdiction of the application, KingSun requested that the case be transferred to Dongguan Third People's court, the limitation of investor claims only over the last five months.

The company asked to be transferred to the third people's Court of Dongguan

Reporters noticed, KingSun submitted "jurisdiction objection to the application mentioned in book": "the applicant believes that this case is caused by the infringement of civil and commercial disputes, according to the provisions of the" PRC Civil Procedure Law "in article twenty-ninth, shall be under the jurisdiction of the infringement or the defendant's domicile court. Therefore, the case shall be under the jurisdiction of the third people's Court of Dongguan municipality".

"The defendant objection to the jurisdiction is not surprising, in the case of Hisense Kelon, FSL have encountered", Liu Guohua lawyer thinks, according to "several provisions of the Supreme People's Court on the trial of civil compensation cases caused by false statement in the stock market (hereinafter called" between the "judicial interpretation") provisions of article eighth. A case of civil compensation for misrepresentation of securities, by the provinces, municipalities and autonomous regions where the people's governments of the cities, municipalities and special economic zones under the jurisdiction of the intermediate people's court. Dongguan city is not the province, municipality and autonomous region people's Government of the city, municipalities and special economic zones, Dongguan City Third People's court for such cases apparently have no jurisdiction, the case shall be under the jurisdiction of Guangzhou City Intermediate People's court. KingSun raised objection to the jurisdiction is the delay time to.

False statement punished investors sued claims

In February 25, 2013, the media published a "KingSun suspected of fraud listed if verified or facing investors collective lawsuit" report, questioned KingSun conceal their and Guangdong pinshang Photoelectric Technology Co. Ltd. the association and related transactions in the prospectus, inflated the results of the first half of 2011. In February 28th, KingSun issued to clarify the announcement for the media questioned the matter denied.

In March 26, 2013, another media published the "truth" is suspected of fraud listed KingSun report questioned KingSun in the prospectus deliberately concealing related transactions, inflated profits and other issues. Verification opinion in April 2nd KingSun announcement and sponsors, acknowledged the existence of related party relationship between the company and the product is photoelectric, Parton lighting company in 2010 and 2011, and the transaction is 2008, photoelectric and Parton lighting transactions are transactions.

In May 12, 2014, KingSun announced Chinese received the Commission of Guangdong authority "administrative punishment decision" (No. [2014]4). The "decision of administrative punishment" think: KingSun, (a), the association and related transactions not be disclosed in accordance with the law. (two), not in accordance with the law to disclose the 2009 domestic sales of the top second customers. (three) to clarify the announcement of the existence of the relationship between the product and the photoelectric denied. China Commission decided: Guangdong authority ordered KingSun correct, given a warning and imposed a fine of 400 thousand yuan; also give the corresponding administrative penalties on Li Xuliang, Huang Guanzhi, Wei Li, Mao Xiaobin and other executives.

After the introduction of punishment, many investors filed claims. Liu Guohua lawyers believe that the administrative punishment according to the Commission of Guangdong authority decision, media reports, company announcements and other materials, KingSun many false statements, there are multiple time buying and selling of investors meet the conditions of the claim: 1 in February 25, 2013, before buying the stock, and sell or continue to hold the stock in February 25, 2013 after the loss, the difference investment; 2, in February 25, 2013 March 26, 2013 to buy the stock, and sell or continue to hold the stock in March 26, 2013, the difference in investment losses.

Statute of limitations in May only to win confidence in the form of lawyers

The prescription is five months, damaged investors can still bring Securities Misrepresentation liability dispute lawsuit to Guangzhou City Intermediate People's court, because the certificate required to submit a copy of the ID card and the original line, plus the Spring Festival holiday, the time is not well-off investors.

Public data shows, KingSun in March 31, 2013, the number of shareholders was 22424, according to the trend of stock prices, a large proportion of investors meet the conditions of the claim, but the small number of adults. Most investors do not know that they meet the conditions of claims, some investors are worried about the need to invest a lot of time, energy and money, high cost of rights, resulting in loss of benefits, claims are not active. The lawyer said Liu Guohua does not have to worry too much, the current law basically using the risk proxy mode, investors need to invest in energy and money is not much, but because of the fact that part of the false statement with the Commission finds that the judicial interpretation of the supreme law of the legal section, similar cases in practice has a relatively high rate of success.

Liu Guohua lawyers pointed out that the Guangzhou intermediate people's court has a lot of compensation cases. For example, earlier investors v. shineford sea dragon case, and in recent years, the largest number of prosecution awarded the largest amount of small and medium investors v. FSL case is the Guangzhou intermediate people's court, small investors v. Mita shares case for the Guangzhou City Intermediate People's court verdict, the majority of investors received compensation charges. For KingSun case, Liu lawyer said, according to the facts and law, full of confidence to win.

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