Core Viewpoint - The case marks the first instance in China where a listed company's executives were held accountable for failing to fulfill public commitments, leading to a significant legal precedent in securities law [2][3]. Group 1: Case Background - On June 12, the Shanghai Financial Court announced that the defendants, including Shanghai Jinmota Chemical Co., Ltd. and its executives, had fully compensated the plaintiffs for losses incurred due to unfulfilled stock purchase commitments [2]. - The case arose from a public commitment made by the company's executives in June 2021 to purchase at least 300 million yuan worth of shares within six months, which was later not fulfilled [2][3]. - The plaintiffs claimed losses exceeding 9 million yuan due to the executives' failure to adhere to their public commitment, which constituted securities fraud [2]. Group 2: Legal Implications - The court's ruling is significant as it applies Article 84 of the new Securities Law for the first time, which stipulates that failure to fulfill public commitments can lead to civil liability for damages [3][5]. - The court found that the executives had no genuine intention to fulfill their commitment, as they did not prepare funds and provided misleading information regarding their financial situation [5]. - The ruling emphasizes the importance of transparency and accountability for executives in publicly listed companies, potentially enhancing investor confidence in the market [3][5]. Group 3: Reactions and Future Considerations - The plaintiffs' legal representatives expressed that the ruling could activate the relevant legal provisions, promoting orderly capital market operations [3]. - The defendants indicated a willingness to resolve disputes with other investors through mediation after assessing their losses [5]. - The case highlights the potential for increased scrutiny on executive commitments and the legal repercussions of failing to meet such obligations in the future [5].
全国首例!两股民收到近80万元赔款!
证券时报·2025-06-12 11:10