Small Shareholders Sued Wuliangye

Since last September 9th, the securities and Futures Commission announced that it had filed an investigation on Wuliangye (000858.SZ), so far no conclusion has been reached. In June 1st, the reporter learned from Zhou Aiwen, a lawyer of Li Guoji law firm in Shanghai, that the small shareholders of Wuliangye made administrative reconsideration to the SFC at the end of April this year on the grounds of "administrative omission", and demanded that the SFC perform its duties.

Zhou Aiwen said that the supplementary materials required by the SFC were sent out. According to relevant procedures, the SFC will decide whether to accept the application for administrative review within five days after receiving the correction materials.

In June 1st, our reporter sent a telegram to the SFC's litigation reconsideration office, and the relevant persons did not answer directly whether to accept the application or not.

In September 23rd last year, after less than half a month's investigation into Wuliangye, the SFC quickly released its preliminary results. Wuliangye suspected of disclosing major securities investment behavior and greater losses without stipulations, failed to disclose the loss of major securities investment truthfully, and disclosed three major violations of the main business income.

The relevant person in charge of the securities and Futures Commission also said that the above acts of Wuliangye were suspected of violating the sixty-third provision of the securities law. The SFC will identify relevant facts as soon as possible and punish them according to the law.

As a result, many investors and legal persons who were misled to cause investment losses began to entrust lawyers to collect evidence and prepare to sue Wuliangye. However, because the SFC's punishment for Wuliangye has not yet been delayed, the litigation path has become very difficult and long.

Zhou Xiaojun is one of them. As early as last October, March, four people, including Feng Yi and Zhou Xiaojun, submitted a petition to the intermediate people's Court of Chengdu, suing Wuliangye and Sichuan Huaxin accounting firm, requesting the court to confirm that Wuliangye's relevant audit report issued by Hua Xin was an untrue report, and ordered the two defendants to compensate the plaintiff for a loss of about 150 thousand yuan.

According to Zhou Aiwen, according to the relevant laws of the state, as a result of false statements by accounting firms, investors can sue Wuliangye and its audit institutions if they believe that the audit report will result in investment losses. When the SFC's punishment is issued, investors can also get compensation through litigation Wuliangye. As for the limitation of action, it will be effective within two years after the notice of administrative penalty.

However, the Sichuan provincial high court dismissed its agency's claim without any decision or notice from the relevant departments. Subsequently, Zhou Aiwen sent a letter to the president of the higher people's Court of Sichuan Province, hoping that he would debate on relevant legal issues without written reply.

In June 1st, Tao Yusheng, assistant lawyer of Beijing Dacheng Law Firm, told the reporter that at present, the company accepted more than 10 small and medium-sized shareholders registered by Wuliangye, and consulted hundreds of people.

In April 28th, Zhou Aiwen put forward an application for administrative reconsideration to the SFC on behalf of the shareholders, and demanded that the SFC take the administrative method of omission as an offense and perform its statutory duties.

In April 30th, the SFC issued a notice of remedial application for administrative reconsideration, requiring weekly and stock holders to supplement relevant supporting materials. Zhou Aiwen mailed it to the legal department of the SFC by express mail.

The reporter understands, since last December promulgated the plan to further improve the corporate governance structure, Wuliangye has carried out more than 10 rectification measures for six months, by Wuliangye chairman Tang Qiao and Wuliangye Group Chairman Wang Guochun personally, until the end of this month.