As of January 2019, Hangzhou Intermediate Court has accepted 512 cases of investors suing Xiangyuan Culture Company and other defendants for securities false statement liability disputes, involving a total amount of more than 60.68 million yuan. The series of cases have attracted wide public attention because of their involvement in film and television star Zhao Wei.
On January 16, 2019, Hangzhou Intermediate Court held a public hearing and made a first-instance judgment on 17 of the first cases filed in this series. It found that Xiangyuan Culture Company constituted a false statement and ordered Xiangyuan Culture Company to compensate investors for losses of 478,500 yuan. Zhao Wei, as a joint defendant, was jointly and severally liable.
After the judgment of the first instance, Xiangyuan Culture Company and Zhao Wei appealed the judgment of the 17 cases to Zhejiang High Court.
In addition to the above cases, since February 2019, investors have filed lawsuits in Hangzhou Intermediate Court. The Hangzhou Intermediate Court has entrusted professional mediation organizations to conduct centralized mediation in new cases.
Source: Beijing Headline Responsible Editor: Li Wan_B11284