Foshan Lighting: Announcement on the progress of litigation matters
From September 17, 2013 to May 22, 2015, Foshan Lighting received a total of 2,749 people in a civil lawsuit filed on the grounds of “securities misrepresentation disputesâ€.
On September 15, 2015, the company received a Civil Judgment from 698 cases in the above-mentioned cases served by the Guangzhou Intermediate People's Court.
1. The defendant Foshan Electrical and Lighting Co., Ltd. compensated the plaintiffs in the above 698 cases for the investment balance loss, commission, stamp duty and interest amounting to RMB 50,182,378 within 15 days from the date of the legal effect of this judgment.
2. Dismiss other plaintiffs' other claims. If the defendant fails to perform the obligation to pay money according to the period specified in this judgment, it shall, in accordance with the provisions of Article 253 of the Civil Procedure Law of the People's Republic of China, double the interest on the debt during the period of delay in performance. The first-instance case acceptance fee was 1,664,277 yuan, and the defendant was responsible for 841,311 yuan.
The losses involved in the litigation case of this announcement will have a significant impact on the Company's third quarter 2015 profit.
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