Analysis On The Case Of Liability Dispute On Ihandy Security False Statement

With the arrival of the information age and the vigorous development of the securities market,the requirement of information disclosure becomes very important in the securities market of our country.From the newly revised Securities Law of the people’s Republic of China(hereinafter referred to as the Securities Law)on December 28,2019,a special chapter of "information disclosure" is added to see the important role of information disclosure in the securities market.However,the securities misrepresentation behavior of individual companies not only violates the principle of information disclosure,damages investors’ right to know and gain,but also destroys the order of market economy.Nowadays,in the legal norms related to securities misrepresentation in our country,there are a series of problems,such as relatively general and vague legal provisions.As a result,in the judicial practice,the local courts in the dispute with the securities misrepresentation of the focus of disputes involved in the standard is not uniform,the same case of different judgments occurred from time to time.Through the introduction of cases,this paper discusses and analyzes the identification of major events in securities false statements,the determination of the date of disclosure of false statements,and the judgment of causality,and expounds in detail the current situation of domestic legislation on related issues.The involvement of Ihandy Company constitutes a major event.In the determination of major events,the local courts found different standards,because of the different elements of administrative liability and civil liability,there are some differences in the standards of review.Therefore,the people’s court should not directly determine that the behavior involved in the case is a major event,and suggest the comprehensive application of the decision-making standard and the price standard affecting investors.Ihandy’s securities misrepresentation disclosure day for the "Notice of Case Investigation" notice day.The determination of the disclosure date of false statement behavior can be determined from revealing the significance of the matter,revealing the authority of the subject,revealing the first nature of the time,and revealing the relevance of the content.However,for the judicial practice,most of thecompany’s notice to the Securities Regulatory Commission of the "notice of investigation on file" as the status of the day of disclosure,the author believes that "notice of investigation on file" content is too simple,can not form an effective disclosure of false statements,and the court in the discretion will have different standards of discretion,the court should be combined with the "notice of investigation on file" revealed the degree of content and other criteria to identify the date of disclosure of false statements,prudent discretion.Finally,there is a causal relationship between investor losses and Ihandyi’s behavior.Among them,the lack of legal regulation on the criterion of causal relationship of induced false statements,the lack of protection mechanism for the loss of investors who buy and sell securities between the date of implementation of false statements and the date of disclosure or correction,and the detailed regulation of systemic risk are the current problems in China in the causal relationship between false statements and investor losses.The dispute focus of securities misrepresentation cases is the same,combing the above dispute focus can provide some reference for the securities misrepresentation cases misrepresentation cases,while maintaining the stability of China’s securities market,but also conducive to promoting the development of China’s securities market towards a good and orderly direction.