上海金融法院共受理证券虚假陈述案件1.8万件 涉案标的总额为76.46亿元，涉及2.7万投资者

Core Viewpoint - The Shanghai Financial Court released a report on legal risk prevention related to securities false statements, highlighting the increase in related lawsuits and the need for improved accountability mechanisms in the financial market [1][2]. Group 1: Case Statistics and Trends - From 2018 to 2024, the Shanghai Financial Court accepted 18,040 first-instance cases of securities false statement liability disputes, with a total amount in dispute of 7.646 billion yuan and 26,956 investors involved, of which institutional investors accounted for only 0.26% [1]. - The number of companies being sued has increased, covering various capital market segments, with a total of 77 companies involved in lawsuits since the introduction of regulations in 2022 [2]. - Financial fraud is a prominent issue, with over one-third of false statements related to financial information, including revenue, cost, cash flow manipulation, and misuse of accounting estimates [2]. Group 2: Legal Framework and Recommendations - The report emphasizes the need for a balanced approach to protect investor rights while allowing for the development of listed companies, with a focus on holding primary offenders accountable and addressing complicity [2]. - Recommendations for securities issuers include eliminating fraudulent issuance, improving corporate governance, and ensuring timely disclosure of significant events [4]. - Suggestions for controlling shareholders and actual controllers include exercising control rights responsibly and ensuring transparency in related transactions [4]. Group 3: Role of Intermediaries and Case Studies - Intermediaries are advised to strengthen due diligence obligations and ensure compliance and independence in their professional opinions [5]. - The report includes ten selected cases, five related to judicial disputes over false statements and five concerning administrative enforcement of information disclosure violations, aimed at clarifying judicial principles and enhancing market expectations [5]. - The publication of these cases is expected to protect investor rights further, promote better corporate governance, and ensure that intermediaries and executives fulfill their legal responsibilities [5].