crashbandicootontherunpc| Yongyue Technology is punished and warned that damaged shareholders can claim compensation

On the morning of April 29th, 2024,CrashbandicootontherunpcYongyue Technology (Rights Protection) Co., Ltd. (Securities abbreviation: Yongyue Technology, Code: 603879) issued a notice on the receipt of Administrative punishment and advance notice of Market ban by China Securities Regulatory Commission.

Li Jian, a lawyer from Zhejiang Yufeng Law firm (certificate number: 13301200210145176), who has represented investors in suing more than 100 listed companies, said that according to the penalty notice, Yongyue Technology is suspected of misrepresentation of securities, and damaged shareholders can make claims in accordance with the law. (lawyer Li Jian's column)

According to the announcement, Jiangsu Securities Regulatory Bureau found out that Yongyue Technology is suspected of the following illegal factsCrashbandicootontherunpcFirst, Yongyue Technology is suspected of major contract interim announcement there is a misleading statement. Second, Yongyue Technology is suspected of failing to disclose the occupation of related parties' non-operating funds and major omissions in periodic reports. Combining the above three illegal facts, Jiangsu Securities Regulatory Bureau intends to decide: to give a warning to Yongyue Technology and impose a fine of 13 million yuan; to warn the relevant responsible personnel and impose a fine respectively. At the same time, it is proposed to ban Chen Xiang from the securities market for five years.

According to the new judicial interpretation of misrepresentation of securities, listed companies may sue for losses caused by investors suspected of misrepresentation of securities, including loss of investment difference, commission and stamp duty.

Lawyer Li Jian said that according to the judicial interpretation, it is tentatively decided that: first, damaged shareholders who bought Yongyue stock between August 28, 2023 and September 17, 2023 and held the stock at the close of trading on September 17, 2023 can claim compensation; second, damaged shareholders who bought Yongyue stock between March 18, 2022 and October 11, 2023, and held the stock at the close of trading on October 11, 2023, can claim compensation. Whether the compensation can be obtained and how much compensation is finally determined by the court shall prevail. (Yongyue Technology Rights Protection entrance)

Investors are required to provide securities account opening information inquiry form, stock statement (from March 1, 2022 to date), contact information, etc.

(this article is contributed by Li Jian, a lawyer from Zhejiang Yufeng Law firm, and does not represent the position of Sina Finance. Lawyer Li Jian, director of the Securities Law Research Society of China Law Society and securities dispute mediator of China Securities Association, was awarded the title of "excellent Young lawyer of Zhejiang Province" in 2009. Since 2003, lawyer Li Jian has sued more than 100 listed companies on behalf of investors with remarkable results. Among them, the false statement case of investors v. Hangxiao Steel structure was selected as the "Top Ten Mediation cases of the National Court of Justice" in 2012, and the false statement cases of investors v. Xiangyuan Culture and Zhao Wei were selected among the top ten commercial cases of the people's Court in 2019. The false statement case of investors v. Huifeng shares is the first ordinary representative case of securities dispute in Jiangsu Province. )