挂牌公司财务造假，中介机构如何连带赔偿？法院详解

Core Viewpoint - The article discusses the first case of securities false statements in the New Third Board market, highlighting the collaboration between financial judicial and regulatory mechanisms to mitigate financial risks [1][9]. Summary by Sections Case Overview - The case involves a technology company that went public on the New Third Board in December 2013, with its main broker and auditing firm providing various reports that later proved to be misleading [4]. - The company faced significant issues with its internal controls, leading to a substantial drop in stock price and subsequent investigation by the China Securities Regulatory Commission (CSRC) [4]. Investor Compensation - An investor, Li, filed a lawsuit seeking compensation of approximately 1.85 million yuan due to losses incurred from investing in the company's shares [3][4]. Court Rulings - The Shanghai Financial Court ruled that the company must compensate the investor for the full amount of 1.85 million yuan, while the main broker and auditing firm were held liable for 20,200 yuan and 242,500 yuan respectively [7]. - The court emphasized the need for differentiated responsibility based on the stages of the brokerage's involvement, particularly distinguishing between the initial listing and ongoing supervision phases [6][7]. Judicial Principles - The court applied the "presumed reliance principle" to establish causation between the actions of the market makers and the investment decisions made by investors [6][9]. - The ruling reflects a judicial approach that aims for proportional and precise accountability among intermediary institutions, considering their duties and the nature of their obligations [8][9].