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 false statements in securities related to the New Third Board market, highlighting the collaborative mechanism between financial judiciary and regulatory bodies to mitigate financial risks [1][9]. Group 1: 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 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 regulatory authority [4][6]. - An investor, due to losses incurred from the company's shares, sought compensation of approximately 1.85 million yuan [3][4]. Group 2: Judicial Findings - The Shanghai Financial Court determined that the investor relied on market prices for investment decisions, applying the "presumed reliance principle" to establish causation in trading [6][9]. - The court differentiated responsibilities of the main broker during the stock recommendation phase and the ongoing supervision phase, concluding that the broker was liable only for the initial phase [6][9]. - The auditing firm was found to have significant deficiencies in its audit procedures, leading to a determination that it should bear 20% of the losses caused by the false statements [7][9]. Group 3: Compensation Outcomes - The court ruled that the technology company must compensate the investor for the full loss of 1.85 million yuan, while the main broker was ordered to pay 20,200 yuan and the auditing firm 242,500 yuan [7][9]. - The final judgment was upheld by the Shanghai High People's Court, reinforcing the accountability of intermediaries in securities transactions [7].