Foshan Lighting said its violation was not serious and it was not prepared to mediate

The day before yesterday was the opening day of the second instance of Foshan Lighting’s false statement case. The court did not immediately make a verdict and suggested that both the listed company and the shareholders mediate as much as possible. A staff member of the Securities Department of Foshan Lighting responded to reporters yesterday: "The company is not prepared to mediate."

In November last year, due to suspected false statements, the Guangzhou Intermediate People's Court ruled that Foshan Lighting should compensate more than 900 investors for a total loss of nearly 60 million yuan, becoming the largest collective claim case by A-share investors in recent years. Unsatisfied with the first-instance judgment, Foshan Lighting appealed to the Guangdong High Court. The second instance of the case opened the day before yesterday. After the hearing, the two sides had a heated debate on six key issues, but the court did not pronounce a verdict. The court recommended that both parties exchange opinions in court and mediate as much as possible.

The reporter called Foshan Lighting yesterday to understand the company’s attitude. A staff member from the Securities Department responded to the reporter yesterday: “The company is not prepared to mediate and is directly waiting for the verdict of the Guangdong High Court.”

Liu Guohua, a lawyer representing the investors, also told reporters that the investors he is responsible for are currently indifferent to whether there will be mediation. "The facts and legal basis for Foshan Lighting's violation of the law are relatively clear. The company did not provide new evidence or opinions in the second instance. The issues discussed by the two parties in court are basically the same as those in the first instance. It is not yet known when the High Court will make a judgment, but we believe that the High Court is very likely to uphold the original judgment of the first instance, and the investors are very likely to win the case." Liu Guohua believes this.

In addition, other rights lawyers also told reporters yesterday that the possibility of investors ultimately winning the lawsuit is very high.