111家上市公司因涉证券虚假陈述被诉，广东高院发布白皮书

Core Viewpoint - The Guangdong High Court has released a white paper on securities false statement infringement cases, highlighting efforts to combat financial fraud and protect investor rights, thereby supporting the high-quality development of the capital market [1]. Group 1: Case Statistics and Trends - From 2022 to 2024, the Guangdong courts concluded 17,515 securities false statement liability disputes, with a 34.7% year-on-year decrease in new first-instance cases in 2024, totaling 111 companies involved [2]. - The majority of the companies sued were in manufacturing (64), followed by information technology (17) and construction (7) [2]. - Of the cases judged, 65 companies were involved, with 52 facing administrative penalties and 7 under criminal proceedings [2]. Group 2: Judicial Innovations and Mechanisms - The Guangdong courts have established a digital litigation service platform and introduced guidelines for a demonstration judgment mechanism in financial trials [2]. - A comprehensive dispute resolution scheme has been implemented, combining non-litigation methods, pre-trial mediation, and parallel case hearings [2][4]. Group 3: Investor Protection and Market Integrity - The white paper emphasizes the importance of protecting investors, particularly small and medium-sized investors, as essential for promoting high-quality capital market development [4]. - The courts have collaborated with regulatory bodies to strengthen accountability across administrative, civil, and criminal dimensions, aiming to deter illegal activities in the capital market [4]. Group 4: Case Example of Violation - A notable case involved a shareholder violating a lock-up commitment after a divorce, leading to a lawsuit where the company sought to recover approximately 51 million yuan from the shareholder for unauthorized stock sales [5]. - The Guangdong High Court ruled that the shareholder must pay 596.4 thousand yuan in profits from the illegal sale, establishing a precedent for calculating illegal gains based on stock price movements [6][8].