Another 519 Complaints Filed Against Foshan Lighting

In the ongoing Foshan Lighting deceptive financial lighting case, another 519 plaintiffs are now demanding compensation, reported Chinese media Sinai.

The company received legal documents from Guangzhou City Intermediate People’s Court that the 519 plaintiffs have sued the company on the grounds for misrepresention in the civil court.

Since the Chinese manufacturer received China’s Securities Regulation Committee’s Guangdong office ruling on March 7, 2013, the company has been fined for releasing misleading investment information. Foshan Lighting investors from 2011-2013 have been granted the right to seek compensations from the company. In an earlier ruling, 929 Foshan Lighting share investors were compensated RMB 59.31 million (US $9.49 million).

In the latest company statement, the new 519 plaintiffs are seeking a total compensation of RMB 70.58 million and HKD 699,400 (US $90,070) in compensations. High ranking company executives were also sued in the latest lawsuit, including the company Chairman, and the plaintiffs are seeking RMB 2.45 million in compensations from these company officials.

Foshan Lighting stated the court has not reviewed the case yet, and confirm whether recent lawsuit would affect its profits this quarter or in 2Q15.

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