Dew smile unauthorized use of funds to change the use of punishment

Recently, dew laugh technology announced that the Commission received the Zhejiang Bureau of administrative penalty decision. China Securities Regulatory Commission finds that the company has the following illegal facts: first, change the use of funds raised without authorization; secondly, the disclosure of funds are not exposed to the group and its related parties occupy the situation.

Specifically, in the case of unauthorized changes in the use of funds raised, in October 9, 2012, the board of directors of the board of science and technology to examine and approve the motion on investment in the construction of new technology research and development base project. Because the project involves Qianfen compensation expenses are not standardized, the former chairman of the company agreed to the project supporting the project by roshow Group Co. Ltd. (hereinafter referred to as the "roshow group") for supporting the implementation of funds, by the construction department and engineering units after contact in the subsequent project in self regulating solution.

In November 27, 2012 and December 12th, the name of the company finance and construction department will be the special account to raise funds 20 million 500 thousand yuan and 9 million 500 thousand yuan of funds transferred to acceptances issued margin account investment projects, in order to raise to the construction unit, the acceptance by the construction unit and related enterprises, transfer multiple endorsements, 30 million yuan of funds transferred to roshow group. For supporting the expenditure of the company to new technology research and development base project.

In the case of undisclosed funds exposed group and its related parties occupy the situation, Lu laugh group in December 2012 the company occupied 30 million yuan of funds. The company did not disclose in a timely manner in a timely manner, nor in the 2012 annual report on the matter to be disclosed, until in September 10, 2014 before the disclosure of the matter in the form of a temporary announcement.

In view of this, based on the relevant provisions of the "Securities Law", China Commission made the following decisions: roshow technology to give a warning, impose a fine of 300 thousand yuan; the relevant responsible person to give a warning, impose a fine of 50 thousand yuan to 300 thousand yuan. In the announcement, the company said that the company and the relevant personnel laugh humbly accept the Commission's administrative punishment, do not apply for administrative reconsideration and administrative proceedings, will pay a fine within the prescribed time. The company has no intention to change the use of funds raised, not timely disclosure of funds raised by the laughing group and its related parties occupy the matter, the company and related parties sincerely apologize to all investors.

As early as September 9, 2014, dew laugh technology announced that the company received the China Securities Regulatory Commission investigation notice. In September 10, 2014, roshow Technology issued a temporary suspension, "on the project construction funds transfer company notice". Two market shows that in September 9, 2014, the stock closed at $29.05. After the announcement of the investigation, the stock continued to fall. As of September 19th, the stock closed at 25.35 yuan.

Shanghai Tianming law firm lawyers said Song Yixin, roshow technology behavior information in violation of the "Securities Law" sixty-third article on the disclosure of listed company in accordance with the law, must be true, accurate and complete, and shall not have false records, misleading statements or major omissions, constitute the "illegal behavior of listed companies to submit Securities Law" section 193rd the report of the false records, misleading statements or major omissions.

In order to safeguard the due to false statements damaged the legitimate rights and interests of investors, lawyer Song Yixin, Zhejiang Yufeng Law Firm lawyer Li Jian to have purchased roshow technology stocks and suffered misrepresentation investors joint collection of clients, to be agents of investors claim. Song Yixin lawyer said, according to the judicial interpretation of the provisions, in accordance with roshow technology claim investors range is between November 27, 2012 and September 9, 2014 to buy roshow technology stocks, and sell or continue to hold shares in September 10, 2014 after investors can claim to the Hangzhou court.

Li Jian lawyer said that in September 10, 2014, after the release of the investigation was exposed laugh technology announcement, there have been a number of investors to apply for pre registration claims. After a lapse of six months, and finally come to the punishment decision, the official declaration of the investor kicked off.

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