新三板公司财务造假，会计师被判20%连带责任！持续督导券商无须承担赔偿责任

Core Viewpoint - The article discusses a landmark case regarding the liability of intermediary institutions in securities false statements within the New Third Board market, emphasizing the application of the "presumed reliance principle" in establishing causation for investor losses [2][7]. Summary by Sections Basic Case Facts - In December 2013, a technology company's stock was publicly listed on the New Third Board, with a securities company acting as the lead underwriter and an accounting firm providing audit reports [3]. - In June 2017, a new audit report revealed significant internal control deficiencies in the technology company, leading to a sharp decline in its stock price [3][4]. Court Ruling - The Shanghai Financial Court ruled that investors relied on market prices for their investment decisions, allowing for the application of the "presumed reliance principle" [5]. - The lead underwriter was found liable for failing to conduct adequate due diligence during the listing phase, while it was not held liable during the ongoing supervision phase due to the lack of regulatory requirements for substantive review of financial data [5]. - The accounting firm was deemed to have significant deficiencies in its audit procedures, leading to a 20% liability for the losses incurred by investors [6]. Significance of the Ruling - This case is the first of its kind in the New Third Board market, clarifying the responsibilities of intermediary institutions in different phases of the listing process [7]. - It establishes that the nature of due diligence obligations must be differentiated and that the liability of intermediary institutions should be assessed based on compliance with regulatory standards and industry practices [7].