But individuals are indeed easily manipulated.
"But Lawyer Tang, will the court agree to this?"
Old Tang said, "We have a legal basis for this."
In the "Several Provisions of the Supre Court on Hearing Civil Compensation Cases for False Statents in the Securities Industry," it’s clearly listed.
Article 14 explicitly states, it’s a long one, but the gist is that if the company’s directors, supervisors, and other senior managers cannot prove they were diligent and responsible, and rely claim ignorance, trust in others, etc., the court will not support them.
This ans those people must also bear joint liability!
Article 15 also states what constitutes evidence; it’s if these people voted in favor during the disclosure of important information, it will be considered as fault.
And Article 20...
The previous case was like this, from the controlling shareholder to the financial manager, not one escaped, all had to take responsibility.
This ans they must use their own assets to bear the responsibility.
Don’t talk about the company being an independent legal entity, that the false statents were made by the company... if it weren’t for you shareholders and executives ssing around, how could this legal entity have made false statents?
So, none of them can escape!
Finance is such a trap; anything involving money requires the finance departnt’s signature. Once signed, just wait, all will be problems.
"Mr. Fang, this is just my suggestion. Your legal departnt needs to conduct a more detailed investigation."
Mr. Fang nodded, "Okay, this case is getting bigger, but for the first case, it has to be big to be interesting."
"Lawyer Tang, let’s stay in touch. We should be able to file the lawsuit this week!"
Old Tang smiled at these words, "Mr. Fang, then I’ll wait for you in Jingzhou."
If the lawsuit indeed proceeds, it won’t be under the jurisdiction of the Interdiate Court but at least the Provincial High Court.
Old Zhou... there’s no way, my level is getting higher and higher, and you’re at the grassroots court; we’re not on the sa level.
Old Tang returned to Jingzhou, beginning to prepare with peace of mind.
As the days passed, He Haoyu began to feel bewildered.
Strange, this is already the fifth day, why hasn’t Tang Fangjing made any move? Is he not planning to file a lawsuit?
Just as Mr. He was at a loss, Lv Xiaowan ca to remind him.
After all, Lv Xiaowan, being a professional securities law expert, also realized the key point.
"Director Lü, are you saying the other party might propose this... this special representative lawsuit?"
"Yes, the special representative lawsuit, as per the new securities law regulations, no one has done it before. I once planned to, but it’s very difficult..."
"According to you, if Tang Fangjing wanted to file a regular representative lawsuit, the court should have already issued a notice, but in fact, the court hasn’t made any moves."
"Tang Fangjing hasn’t made any moves either."
"That suggests he’s just making a feint, and his real goal is the special representative lawsuit..."
After listening to Lv Xiaowan’s explanation, upon learning about the "opt-out" under this system, He Haoyu really panicked.
"No, what does this an, as long as they file a lawsuit, everyone is considered to be automatically involved? Is there no more rule of law?"
"Does this an people can just stay at ho and money falls from the sky?"
Lv Xiaowan replied, "In a sense, it’s true. For those people, it’s really like money falling from the sky."
More than fifty investors can initiate it, the protection agency leads the lawsuit throughout, and the investors don’t need to spend a penny; they all get a free ride.
Even for the protection agency, they don’t have to spend much money; hiring a lawyer just requires paying lawyer fees, and if they don’t hire one, their company’s own legal team can handle it.
As for the hefty litigation fees, sorry, the special representative system doesn’t require prepaynt of litigation fees...
This is how the new securities law protects ordinary investors; it’s really clear from start to finish.
Listening to Lv Xiaowan’s explanation, He Haoyu once again started considering fleeing; this is terrifying. Implicit participation, damn it, this is purely not treating the company as a human being!
However, He Haoyu didn’t know that, at this mont, a pale-faced young man had already brought the staff from the investor fund protection company to the filing court of the Jingzhou Interdiate Court.
Although this case will definitely be under the jurisdiction of the High Court, because the prior collective lawsuit was filed here, they have to register the case here first and then have the Interdiate Court refer it to the High Court for jurisdiction.
Seeing the staff in front of him stunned by the material, Old Tang laughed; the big mont has finally arrived!
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