Foshan Lighting’s Deceptive Financial Statement Case Enters Second Trial

The seven plaintiffs involved in the Foshan Lighting’s misleading financial statement case received notices on Thursday from the Guangzhou City Intermediate People's Court that the case has entered second trial, according to a QQ.com report.

In the complaint filed, plaintiffs requested for the revoke of an earlier ruling by the Court, which demanded Foshan Lighting to compensate RMB 1.52 million (US $200,000) and cover litigation fees involved in the first and second trials.

Total compensation involved in the 930 misleading financial statement cases filed against Foshan Lighting amounted to RMB 59.31 million. According to other media reports, the court announced its ruling on November 14, but the company lawyers were not informed about the trial time. The company has announced the lawsuit and related losses will have a huge impact on its profits this quarter. 

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