More than 500 shareholders sued Zhao Wei for compensation and 26 people withdrawn their lawsuits

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 More than 500 shareholders sued Zhao Wei for compensation and 26 people withdrawn their lawsuits


According to the Hangzhou Intermediate Court, as of January 2019, the 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.

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Lawyers say the case serves as a warning to executives of listed companies.

Previously, Xiangyuan Culture announced that 511 cases of securities false statement liability disputes (including one withdrawn case) had been received, with the litigation amount exceeding 60 million yuan, of which 17 cases had received the first instance verdict.

Li Jian, a lawyer of Zhejiang Yufeng Law Firm, is the plaintiffs attorney for the first judgment in the case of shareholders suing Xiangyuan Culture and Zhaowei Securities False Statement Liability Dispute. She represents the investor Ms. Wangs False Statement of Securities. It was in this case that Zhao Wei was convicted of joint and several liability.

In an interview with a reporter from Beijing Youth Daily, he said that Zhao Wei, a well-known film star, was once called for in the capital market. She was first punished by the SFC, and now she is judged by the court to bear joint and several liability for compensation. The law popularization education has a great impact.

As for the judgments already issued, Li Jian believes that there are significant breakthroughs in the judicial practice of false statement cases. Li Jian said that it was common for listed companies and executives to be punished by the SFC to assume civil liability. Zhao Wei was the legal representative of the listed company to acquire Fang Longwei Media, not the supervisor of the listed company. According to the principle of tort liability law and the spirit of judicial interpretation of false statements, the court recognized Zhao Wei as other natural persons who made false statements. From Li Jians point of view, this is the flexible application of the bottom-pocket clause by the Hangzhou Intermediate Court. While punishing violators severely, it effectively guarantees the legitimate rights and interests of small and medium-sized investors. This case will have a wide and far-reaching impact on the capital market and future trials of similar cases. At the same time, warn listed companies, asset restructuring buyers and related executives that they will bear civil liability for breach of information disclosure obligations. Source of this article: Gu Ying_NN6577, responsible editor of Beiqing Net-Beijing Youth Daily

As for the judgments already issued, Li Jian believes that there are significant breakthroughs in the judicial practice of false statement cases. Li Jian said that it was common for listed companies and executives to be punished by the SFC to assume civil liability. Zhao Wei was the legal representative of the listed company to acquire Fang Longwei Media, not the supervisor of the listed company. According to the principle of tort liability law and the spirit of judicial interpretation of false statements, the court recognized Zhao Wei as other natural persons who made false statements.

From Li Jians point of view, this is the flexible application of the bottom-pocket clause by the Hangzhou Intermediate Court. While punishing violators severely, it effectively guarantees the legitimate rights and interests of small and medium-sized investors. This case will have a wide and far-reaching impact on the capital market and future trials of similar cases. At the same time, warn listed companies, asset restructuring buyers and related executives that they will bear civil liability for breach of information disclosure obligations.