Foshan Lighting Company Securities False Statement Case Analysis

Foshan Electrical and Lighting Co.,Ltd.Securities false statement dispute,originated in 2013,is one of the most influential cases of false statement infringement in China.It is one of the most representative cases in terms of the number,amount and scope of compensation.Whether constitute a false statement of securities investors and foshan lighting,foshan lighting can false statement behavior and the loss of investors causality and such problems as how to calculate the losses of investors.A total of more than 900 investors to sue to the court,the court after hearing,have verdicts entity,this case involving infringement legal relationship and involving the interests of hundreds of people.The components of securities misstatement behavior include the listed company's failure to disclose material facts,major changes,and major information,and to meet the major identification standards of securities misstatement behavior;Securities misrepresentation behavior and investors lost a causal relationship,false statement of securities,including two kinds of cause and effect,is a kind of trading on the causality,the other one is the loss of causality,systemic risk in the judicial practice often plea causality exists for,therefore,systematic risk of the determination and calculation to determine loss of investors is also very important;The determination of economic loss is the result of general tort,and the calculation of investor's loss should be based on ‘several provisions'.Foshan lighting constitute a false statement in securities torts,need to reach the standard of false statement significant sex,false statement behavior is a kind of tort,but not all securities torts can be compensated,criteria for recognition of the need to achieve significant court often Qian Zhi Xing program is used to restrain the false statement case filing,full protection against investors;There is a causal relationship between false statements and investors' losses.The causal relationship between trading and losses can be analyzed in certain provisions.The losses of foshan lighting investors are not all caused by systematic risks in the securities market,but the partial losses of investors do not exclude systematic risks.Computing tan so-and-so economic losses,make sure to expose day,implementation,the base date time points,the calculation method of average price to buy securities,in an integrated arithmetic average method,according to the several provisions from the two periods respectively to calculate the loss of investors,investors sold before the base date and the number of securities investors sold after the base date or continue to hold the foshan lighting on the number of securities.