Lawyer: investors to listed companies more than more than 90 claims

The stock market "staged" project

Wall Street has sentence name proverbs "protection most weak of investors, is protection Wall Street", in recent years, although China capital markets constantly mature perfect, but violations investors right of case still endlessly, except cliché of insider trading, and letter put not real, and manipulation shares outside, in past of 2015 years in the, big shareholders between to a has been desires of within bucket standoff, and fake acquisition, and virtual high valuation assets, against small investors interests of problem also also serious, but another side we also delight to see, As investor awareness matures, more and more shareholder consciously join in safeguarding their own interests to use legal weapons. And "staged" international consumer rights day, in the domestic capital market, we also need to use "every day 315" attitude to investments in the most basic rights for the strongest protection.

Reporter Dan Shanghai

Guided reading

Stock investors may bring a claim or claim preparation listed companies more than 90, including wisdom (601519. SH), southern textiles shares (600250. SH), hareon (600401. SH), Polish (002638. SZ), God shares (002278. SZ), which involved false statements, so investors and interest groups ' rights.

"Staged" international consumer rights day in which "rights" has a symbolic significance of days, Zang Xiaoli lawyer of yingke law firm in Beijing's phone is ringing. As the industry's leading investor activist lawyers, its just the day before scrambling shareholder activist court participated in the two provinces.

The morning of March 14, southern textiles shares the false statement of securities liability disputes at the Nanjing intermediate court trial, since that day in the afternoon sky Dragon (*ST Dragon) (000677.SH) trace of the false statement of securities disputes Court in Jinan.

In recent years, investors in the capital market more and more rights,

Zang Xiaoli told the 21st century business Herald reporter, investors on the one hand spread all over the country and even around the world, now known channel of information more open, natural join rights on more than on the other, the judicial environment is better than before now undervalued, successful case in favour of more and more, winning is the best marketing, which would greatly increase the shareholders ' rights initiative.

And also as agents of investors ' rights lawyer, law firm Shanghai Hua Rong Xu feng to the 21st century business Herald said, for now, stock investors can file a claim or claim preparation listed companies more than 90, including wisdom (601519. SH), southern textiles shares (600250. SH), hareon (600401. SH), Polish (002638. SZ), God shares (002278. SZ), which involved false statements, so investors and interest groups ' rights.

Shareholders ' rights increased

It is understood that regardless of Xu Feng lawyer team or Zang Xiaoli's lawyers, they represent nearly two years investors to sue listed companies have about 20. They told the 21st century business Herald reporter that, overall, investors claim win rate is getting higher and higher. Zang Xiaoli agent sued over more than 20 listed companies, to date, only against two shareholders of listed companies is completely lost, other basic is based on judgment or mediation to get all or part of the compensation.

The morning of March 13, Supreme People's Court President Zhou Qiang at the 12th session of the national people's Congress, the fourth meeting of the third plenary meeting of the Supreme People's Court work report, said that in the area of maintenance of order in the market in 2015, false statements and insider trading cases concluded amounted to 4,238.

It appears from the reality, investor activist involved in the case also focused on disputes over false statement of listed companies, insider trading there.

In response, Xu Feng lawyer thinks, mostly false statement of listed company to commit crimes more, SFC more punishment for false statement of listed companies, but also associated with the earliest issued false statements relating to the judicial interpretation.

Zang Xiaoli counsel investor rights case, Foshan lighting is the biggest involving a false statement case. It is reported that her agent about 300 shareholder activist, claimed some 30 million Yuan.

Publicly available information shows that in March 2013, Foshan lighting notices for violation of information disclosure of related party transactions by securities shall receive administrative punishments, within the two-year limitation period, there are 2,755 investors in Guangzhou City Intermediate Court launched a civil action for damages against the company.

Current statistics, Foshan lighting false statements the prosecution amounted to a total of about 330 million Yuan, the Court supported investor appeal now has about 180 million Yuan.

Foshan lighting also admitted that such cases involving a company in 2015 will be loss of profit constitutes a greater impact.

Everbright securities civil compensation case of insider trading is that investors ' rights is the classic case, this is the first case of insider trading in securities from investors 100% in favour of decisions liability disputes. Everbright securities 2015 report shows, there were 502 cases investors "8·16" event to initiate civil action involving more than 67.86 million Yuan.

Recommendations of justice standards

"In recent years, increased shareholder rights case, but there are rights or standards of the administration of Justice is not uniform waiting for the solution of problems. "Xu Feng said.

In his view, current investor activist greatest difficulties should also be applicable in the courts of law have inconsistency, court judgment standard is not unified around, this is the biggest obstacle for investors rights.

"Right now everyone is more concerned about amendment of the securities law, also is calling for securities tort revision of judicial interpretation, introduced include insider trading and market manipulation in terms of securities violations of judicial interpretation, but I personally think that there are two problems with reform than to amend the Securities Act and modifying judicial interpretation is more real and urgent. "Xu Feng told the 21st century business Herald reporter that, first of all, uniform standards of Justice, between the courts of securities civil compensation cases under the uniform standards of the administration of Justice and predictability in decision logic and thinking, if investors filed claims cannot be based on laws, judicial interpretations and jurisprudence make activism before the forecast, it will compress the enthusiasm of investors claimed. The second was to go by. 2015 countries filing registration system, filing problem has been solved on the surface, but not long after filing Court sitting with no reasonable justification to extend trial time after long sentences remained widespread.

Zang Xiaoli also believes that investor protection difficulties from asymmetric information. According to China's law, investors must take the initiative to participate in the litigation, in order to achieve the final compensation, if not involved in, even if they meet the criteria, shall be awarded compensation. Many investors because of the uninformed, don't know to claim one's rights or not to prosecute Miss successful chance.

(Editor: Li UN659)
2016-03-16 09:44:06
21st century business Herald

知名律师：投资者可向90余家上市公司索赔

股市“3·15”专题

　　华尔街有句名谚“保护最弱小的投资者，就是保护华尔街”，近年来，虽然我国资本市场不断成熟完善，但侵犯投资者权利的案件依然层出不穷，除了老生常谈的内幕交易、信披不实、操纵股价外，在过去的2015年中，大股东间为了一己私欲的内斗僵持、假收购、虚高估值资产等侵害中小投资者利益的问题也同样严重，但另一面我们也欣喜地看到，随着股民维权意识的成熟，越来越多的股民自觉加入到了利用法律武器维权自身利益的行列中来。又值“3·15”国际消费者权益日，在国内资本市场中，我们也同样需要用“天天315”的态度，来对投资者最为基本的投资权益进行最有力的保护。

　　本报记者 王丹 上海报道

　　导读

　　证券投资者可提起索赔或可准备索赔的上市公司有90家之多，包括大智慧（601519.SH）、南纺股份（600250.SH）、海润光伏（600401.SH）、勤上光电（002638.SZ）、神开股份（002278.SZ）等，这些公司多涉虚假陈述，因此而利益受损的投资者可组团维权。

　　“3·15”国际消费者权益日，在这个对“维权”有着标志性意义的日子里，北京市盈科律师事务所的臧小丽律师的电话更是响个不停。作为业内著名的投资者维权律师，其前一天才刚刚马不停蹄地参加了两场跨省的股民维权庭审。

　　3月14日上午，南纺股份证券虚假陈述责任纠纷案在南京中院庭审，而当日午后恒天海龙（*ST海龙）（000677.SH）的证券虚假陈述纠纷接踪在济南中院开庭。

　　近年来，资本市场上的投资者维权越来越多，

　　臧小丽告诉21世纪经济报道记者，一方面是股民分布在全国各地，甚至世界各地，现在信息获知渠道更为通畅，自然加入维权的就多了；另一方面，现在的司法环境比以前更完善一些，股民胜诉获赔的案例越来越多，胜诉是最好的营销，这会大大提高股民维权的积极性。

　　而同样作为代理投资者维权的知名律师，上海市华荣律师事务所许峰则向21世纪经济报道记者透露，目前来看，证券投资者可提起索赔或可准备索赔的上市公司有90家之多，包括大智慧（601519.SH）、南纺股份（600250.SH）、海润光伏（600401.SH）、勤上光电（002638.SZ）、神开股份（002278.SZ）等，这些公司多涉虚假陈述，因此而利益受损的投资者可组团维权。

　　股民维权增加

　　据了解，无论许峰律师团队还是臧小丽律师团队，近两年他们代理投资者起诉的上市公司都有20家左右。他们向21世纪经济报道记者表示，总体感觉，投资者索赔胜诉率还是越来越高。在臧小丽代理起诉的20多家上市公司中，至目前为止，只有诉两家上市公司股民完全败诉，其他基本是以判决或者调解的方式拿到了全部或者部分赔偿款。

　　3月13日上午，最高人民法院院长周强在第十二届全国人民代表大会第四次会议第三次全体会议上作最高人民法院工作报告时表示，在维护证券市场秩序方面，2015年共审结虚假陈述、内幕交易等案件共计4238件。

　　而从现实看来，目前投资者维权所涉及的案由也集中于上市公司虚假陈述纠纷，内幕交易也有一些。

　　对此，许峰律师认为，主要是上市公司虚假陈述犯案较多，证监会对上市公司虚假陈述处罚也较多，同时，还与最早出台了虚假陈述相关的司法解释有关。

　　在臧小丽律师代理投资者维权的案例中，涉案金额最大的是佛山照明虚假陈述纠纷案。据悉，她代理约300位股民维权，索赔约3000万元。

　　公开信息显示，自2013年3月，佛山照明公告其因关联交易方面的信息披露违规而被证监会予以行政处罚起，此后两年的诉讼时效期内，已有2755位投资者在广州市中院向该公司发起民事赔偿诉讼。

　　目前统计，佛山照明虚假陈述的总起诉金额高达约3.3亿元，法院判决支持投资者诉请现已有约1.8亿元.

　　佛山照明方面亦坦言，此类诉讼案件涉及的损失将对公司2015年度利润构成较大影响。

　　而光大证券内幕交易民事赔偿案也是投资者维权较为经典的案例，这是中国首例由投资者获得100%胜诉判决的证券内幕交易责任纠纷。光大证券2015年年报已显示，有502宗投资者因“8·16”事件提起民事诉讼，涉案金额为6786余万元。

　　建议司法裁判标准统一

　　“近年来，股民维权案例确有增多，但维权过程中还是存在司法裁判标准不统一等待解难题。”许峰说。

　　在他看来，当前投资者维权最大的困难应该还是法律适用在各地法院具有不一致性，各地法院的裁判标准不统一，这是当前投资者维权最大的障碍。

　　“目前大家都比较关心证券法的修订，也都在呼吁证券侵权司法解释的修订，出台包含内幕交易和操纵市场方面的综合的证券侵权司法解释等，但我个人认为，有两个问题的改革相比修订证券法和修改司法解释更加实际和紧迫。”许峰向21世纪经济报道记者表示，第一就是统一司法裁判标准，要在各地法院之间统一下证券侵权民事赔偿案件的司法裁判标准，裁判逻辑和思路具有可预测性，如果投资者对提起的索赔是无法根据法律、司法解释以及之前的判例做出自己维权行动的预测，这会压缩投资者索赔的积极性。第二，就是要做到有法必依。2015年国家实行立案登记制以来，立案难问题大面上已经解决了，但立案之后长期不开庭，开庭之后没有一个合理理由的延长审限长期不判决的问题仍然大面积存在。

　　臧小丽律师还认为，投资者维权困难还来自于信息不对称。按照我国法律规定，投资者必须要主动参与到诉讼当中，才能获得最终的赔偿，如果没有参与，即使符合条件，也不能获得赔偿。很多股民由于信息闭塞，不知道自己有要求赔偿的权利或者没有及时起诉而错过了获赔的机会。

(责任编辑：李辉 UN659)
2016-03-16 09:44:06
21世纪经济报道