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SafariSpinSafari| Jin Tongling's stock claim case was initiated, and the then annual report auditor may bear compensation liability


RecentlySafariSpinSafariZhang Xiangbing, a lawyer from Jiangsu Boaixing Law firm, which has represented too many major impact cases, specially reminded that the Jin Tongling (rights protection) stock claim case was launched, and the audit institution of the annual report at that time may be liable for compensation.

On January 3, 2024, Jin Tongling Technology Group Co., Ltd. (hereinafter referred to as Jin Tongling) issued a notice saying that the company had received a "written decision on administrative penalty" issued by Jiangsu Securities Supervision Bureau.

It has been found out that the parties concerned have the following illegal facts: from 2017 to 2022, Jin Tongling and its wholly-owned subsidiary Shanghai Yunneng Energy Technology Co., Ltd. adjusted the completion progress (implementation progress) of the EPC general contract project by forging project image progress confirmation forms, invoice, etc., falsely increasing or reducing the total business income and profits of 12 companies, including Daming County grassroots New Energy Thermal Power Co., Ltd. Jin Tongling and its holding subsidiary Taizhou Fengling Special Power Station equipment Co., Ltd. falsely increased business income and total profits by recognizing revenue in advance without delivery and returning sales without deduction of income. (the entrance of Jin Tongling to safeguard the rights)

From 2017 to 2022, the total amount of Jin Tongling's falsely increased or reduced profits accounted for 103% of the company's total disclosed profits (absolute value), respectively.SafariSpinSafari.06%, 133SafariSpinSafari.10%, 31.35%, 101.55%, 5774.38%, 11.83%, resulting in false records in the company's corresponding annual report. Our bureau has decided to impose administrative penalties on Jin Tongxian and related responsible personnel.

On May 13, 2024, the website of Jiangsu Securities Regulatory Bureau announced the decision on Administrative punishment of Dahua Accounting firm (hereinafter referred to as Dahua Institute). Our bureau believes that when Dahua Institute audited Jin Tongling's financial statements for the period from 2017 to 2022, there were major defects in risk assessment and internal control testing procedures, failure to take appropriate audit measures to deal with fraud risks, and major defects in substantive procedures. In violation of the provisions of the relevant practice standards, failed to perform due diligence obligations, and the audit reports issued were falsely recorded. Our bureau decided to impose administrative penalty on Dahua Institute.

Lawyer Zhang Xiangbing said: in accordance with the provisions of the Securities Law, securities service institutions should diligently and dutifully produce and issue audit reports and other documents for securities issuance, listing, trading and other securities business activities. to verify and verify the authenticity, accuracy and completeness of the documents on which they are based. If the documents produced or issued contain false records, misleading statements or major omissions and cause losses to others, they shall be jointly and severally liable for compensation with the issuer or listed company, with the exception of those who can prove that they are not at fault. Dahuasuo was punished for not being diligent and conscientious. if he could not prove that he was not at fault, he would be jointly and severally liable for compensation with Jin Tongling.

At present, lawyer Zhang Xiangbing is acting as an agent for the claims of investors damaged by Jin Tong, and the court under the jurisdiction is the Nanjing Intermediate people's Court. The conditions of claim are as follows:

Impaired investors who bought Jintongling stock between April 26, 2018 and April 27, 2023 and still held the stock at the close of trading on April 27, 2023 can sue for losses. (lawyer Zhang Xiangbing column)

Investors who meet the claim requirements can contact the Zhang Xiangbing lawyer team of Jiangsu Boaixing Law firm; and provide the following documents: a copy of the ID card, a securities account inquiry confirmation form with the seal of the business department of the securities company, and the original stock transaction statement (since the first purchase of the stock), contact details.

Lawyer Zhang Xiangbing stated:

SafariSpinSafari| Jin Tongling's stock claim case was initiated, and the then annual report auditor may bear compensation liability

The final conditions of claim and the subject of liability shall be determined by the court.

(this article is contributed by Zhang Xiangbing, a lawyer from Jiangsu Boaixing Law firm, and does not represent Sina's financial position. Lawyer Zhang Xiangbing, lawyer for securities rights. Graduated from Southwest University of political Science and Law with Master of Law in Civil and Commercial Law. Good at acting securities litigation, financial rights protection cases, has many years of investor rights protection litigation experience. Successfully represent or are acting for hundreds of investor rights protection cases.SafariSpinSafariThere have been a number of cases of great social impact and landmark significance. The case of investor v. Suoling shares (safeguarding rights) and Dong Jiangao was selected as one of the top ten typical cases of securities misrepresentation liability dispute of Shenzhen Intermediate people's Court, and the civil case of "Raw Oil Bao" of Bank of China was selected as the top ten commercial cases of national courts in 2020.

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