A "Civil Ruling of the Guangdong Higher People's Court" obtained by the Yangcheng Evening News reporter shows that according to relevant regulations, the Guangzhou Intermediate People's Court, as the Intermediate People's Court where the Guangdong Provincial People's Government is located, has jurisdiction over this case according to law.
Liu Guohua, a well-known securities rights lawyer and director of Guangdong Benben Law Firm, believes that Foshan Lighting’s jurisdictional objections and appeals are undoubtedly an attempt to delay the case. However, the Guangdong High Court has now ruled to reject the case. There are still more than nine months left before the statute of limitations ends. The injured investors still have enough time to file a securities misrepresentation liability dispute lawsuit with the Guangzhou Intermediate People’s Court. Investors are eligible for prosecution as long as they bought Foshan Lighting stocks from July 15, 2010 to July 5, 2012 (inclusive), sold or continued to hold the stocks on or after July 6, 2012, and suffered losses from the investment difference.
On a certain website stock bar, many damaged investors called on the case to be returned to the Guangzhou Intermediate People’s Court and hoped that the trial would begin as soon as possible. Liu Guohua believes that judging from the current situation, the court session will be delayed until the second half of the year.
According to Foshan Lighting’s 2013 annual report, it has received three batches of investor lawsuit documents since September 2013. The total number of investors reached 1,303, and the claim amount was as high as 180 million yuan. Whether in terms of the number of people involved or the total amount of money involved, this case broke the historical record of all similar cases in Guangzhou Intermediate Court. Some analysts believe that in fact, there are still a large number of investors who are still waiting and watching and have not filed lawsuits, and the number and amount of subsequent claims faced by Foshan Lighting may continue to soar. The annual report shows that the company achieved a net profit of 251 million yuan in 2013. Even based on the current claim amount of 180 million yuan, it accounted for more than 70% of its net profit last year.
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