The author learned from a domestic securities rights lawyer yesterday that the "Sapphire concept stock" Luxiao Technology has been investigated by the China Securities Regulatory Commission for illegal misappropriation of raised funds and information disclosure violations. The lawyer is currently soliciting collective claims from investors.
Wu Lijun, a securities rights lawyer at Shanghai Oriental Cambridge Law Firm, told the author that Roxiao Technology illegally transferred the raised funds to the bank account of the controlling shareholder of Roxiao Technology through multiple endorsements of money orders. This did not comply with the regulations on the use of raised funds, and there were false statements in annual reports and special reports on the use of raised funds for many years.
"This violation of securities laws and regulations by Luxiao Technology may directly affect the performance of the stock price, causing losses to some Luxiao Technology shareholders." Wu Lijun said that this is the main basis for this claim.
According to the
previous announcement issued by Lu Xiao Technology, on November 27, 2012 and December 12, 2012, Zhejiang Lu Xiao Electronic Wire Co., Ltd., a wholly-owned subsidiary of Lu Xiao Technology, raised 20.5 million yuan and 9.5 million yuan of acceptance bills to be transferred indirectly to Lu Xiao Group Co., Ltd. and other accounts through the endorsement of the construction unit, totaling 30 million yuan. After the incident, Roushao Group Co., Ltd. took the initiative to return all the above-mentioned funds of 30 million yuan and interest to the company on July 21, 2014.
In early September, Luoxiao Technology received a notice of investigation from the Securities Regulatory Commission. The company said in the announcement that the reason for being investigated may be that the company misappropriated 30 million yuan of raised funds from the controlling shareholders. On August 28, prior to the issuance of the investigation notice, Roushao Technology also insisted: "There is no violation of fundraising management in the company.”
The major shareholder of Luoxiao Technology is Luoxiao Group, which holds 78 million shares of the company, accounting for 43.33%, and is the controlling shareholder of Luoxiao Technology.
Wu Lijun said that any shareholder who bought and held the stock between November 27, 2012 and September 9, 2014, and suffered losses after the stock was resumed can sign up with a lawyer to participate in a collective claim. After the China Securities Regulatory Commission imposes administrative penalties on Luxiao Technology, it will file a claim lawsuit in court.
Luxiao Technology was originally a company engaged in the production of electromagnetic wires. Since its listing in 2011, its stock price has always been at a breaking point. However, after news spread that the company was involved in the sapphire concept at the end of 2013, Luxiao Technology's stock price tripled, hitting a two-month high on August 29. However, affected by the news that Apple's iPhone 6 did not use sapphire glass, the company's stock price fell continuously in recent days, closing at 25.10 yuan on the 18th.
ANNA