上海金融法院共受理证券虚假陈述案件1.8万件

Core Insights - The Shanghai Financial Court released a report on legal risk prevention regarding securities false statement liability disputes, coinciding with its seventh anniversary [1] - From 2018 to 2024, the court accepted 18,040 first-instance cases related to securities false statements, with a total amount in dispute of 7.646 billion and 26,956 investors involved, of which institutional investors represented only 0.26% [1] Group 1: Case Characteristics - The number of companies being sued has increased, covering multiple levels of the capital market, with a total of 77 companies involved [2] - The types of false statements are diverse, with financial fraud being particularly prominent, accounting for over one-third of the cases, including revenue, cost, cash flow fraud, and misuse of accounting estimates [2] - The court is balancing investor protection with the development of listed companies, recognizing some false statements as not significant or lacking causal relationship in certain cases [2] Group 2: Legal and Judicial Challenges - New types of disputes have emerged, focusing on compensation for investment differences, commissions, and stamp duty losses [3] - The report highlights the need for a more comprehensive accountability system and improved collaboration in fact-finding, especially in cases without administrative penalties [3] - The court is innovating in creating a resolution model for collective securities disputes and enhancing mechanisms for protecting small investors [3] Group 3: Recommendations for Market Participants - Recommendations for securities issuers include eliminating fraudulent issuance, improving corporate governance, and ensuring timely disclosure of significant events [4][5] - Controlling shareholders and actual controllers are advised to exercise their control rights in a regulated manner and ensure transparency in related transactions [5] - Directors and supervisors should fulfill their duties diligently, report issues promptly, and implement mechanisms for dissent and exemption [5] Group 4: Case Studies and Impact - The report includes ten selected cases, five related to judicial disputes over false statements and five concerning administrative enforcement of information disclosure violations [5] - These cases focus on common disputes and new legal issues, clarifying judicial principles and enforcement standards to enhance market rule expectations [5] - The release of these cases aims to protect investor rights, promote better corporate governance, and ensure compliance by intermediaries and executives [5]