Although Tianye shares have been changed to Jinan High-tech (600807), the litigation disputes over the relevant shareholder claims during the name period of Tianye shares continue to ferment. On November 17, a lawyer received a judgment from more than 200 investors, and the investors once again obtained a judgment of success in the estimated loss of about 30%, and in the next step, after the judgment takes effect, the relevant cases may enter the enforcement procedure.
On the 17th, Xu Feng, director of Shanghai Jiucheng Law Firm, introduced that the court once again ordered the defendant Jinan Gaoxin to pay about 12.1 million yuan to the 243 plaintiff investors he represented, and one of the institutional investors also won the judgment with the same idea as ordinary investors.
"In the past, most of the claims of institutional investors were negative, and some changes may slowly occur in the future." Xu Feng said.
In the announcement issued by Jinan Gaoxin on October 30 on the company's litigation matters and progress, it disclosed that in the early stage, some investors filed lawsuits against the company on the grounds of securities misrepresentation liability disputes. Recently, the Intermediate People's Court of Jinan City, Shandong Province, and the Higher People's Court of Shandong Province ordered the company to pay a total of about 40.4571 million yuan in compensation to investors, and some investors applied to the court for enforcement and applied to auction the company's relevant assets.
Lawyer Xu Feng also introduced that the above announcement information is true, and in the early days, the lawyer also represented some investors in the case of winning the lawsuit, but most of the subsequent cases are being enforced after winning the lawsuit, and some cases are still waiting for the court judgment after the trial.
Earlier, on October 25, 2019, Tianye Co., Ltd. issued an announcement on receiving the CSRC's Administrative Penalty Decision Letter, and due to various illegal acts such as major related party transactions not disclosed in accordance with the law, illegal major guarantees were not disclosed, and profits were inflated, the CSRC imposed the maximum administrative penalty on Tianye Shares and its actual controller at that time, and banned the entry of the main market with serious violations.
According to the above-mentioned lawyer, according to the effective judgment, the basic conditions for investors who filed claims in the early stage to win the lawsuit are: investors who bought Tianye shares between April 2, 2015 and May 3, 2018, and sold or continued to hold shares after May 3, 2018. The statute of limitations for general shareholder claim cases is three years, and if the statute of limitations for Tianye shares claim cases is less than one year from the time the defendant announces the receipt of the penalty conclusion.
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