An investor’s “rights protection war” that began in 2020 has finally received good news recently.
Yanan Bicon Pharmaceutical Listed Company(002411) , who was sued by investors for false statements, recently received the civil judgment served by Xi’an Intermediate People’s Court of Shaanxi Province (hereinafter referred to as the “Intermediate People’s court”). According to the civil judgment, the intermediate people’s court has concluded the trial of 215 cases of disputes between natural person investors and the company’s Securities Misrepresentation liability, and the judgment Yanan Bicon Pharmaceutical Listed Company(002411) will compensate the plaintiffs a total of about 6.0805 million yuan within 10 days from the date of entry into force of the judgmentP align = “center” Image Source: Yanan Bicon Pharmaceutical Listed Company(002411) announcement
On the one hand, the previous illegal behaviors such as fund occupation, illegal guarantee, financial fraud and false statement have led to the entanglement of investor litigation and bond related litigation problems, which have not been completely solved; On the other side is the “face change” of performance in 2021, the dystocia of annual report, and the suspected violation of letter phi, which has been filed for investigation by the CSRC again… Where will Yanan Bicon Pharmaceutical Listed Company(002411) go?
investor class action
cases have been won
After backdoor listing in 2015, Yanan Bicon Pharmaceutical Listed Company(002411) began to “grow savagely”.
In terms of information disclosure alone, violations of laws and regulations continue. From 2015 to 2018, there were major omissions in the company’s annual reports for four consecutive years, and the non operational occupation of funds by the controlling shareholders and their related parties was not disclosed; Three years (2015, 2016 and 2018) covered up the above facts, inflated monetary funds and made false records by means of false financial bookkeeping and forged bank statements.
At the same time, there are misleading statements in the company’s interim report, and the information disclosure is inaccurate and incomplete.
For example, in February 2020, Yanan Bicon Pharmaceutical Listed Company(002411) front foot said “received the urgent notice to speed up the production of masks and other epidemic control protective products”, and back foot added “has not obtained the qualification of mask production license”; The front foot said, “signed a strategic cooperation agreement with Tuwei Anchuang. Tuwei Anchuang has developed a polypeptide drug with good therapeutic reversal effect on pulmonary fibrosis, one of the important clinical manifestations of covid-19”. The back foot said, “at present, it is in the stage of preclinical research”… p align = “center” decision on Administrative Punishment [2020] No. 5 p align = “center” picture source: Official Website of Shaanxi Securities Regulatory Bureau
these mysterious operations not only make investors feel one after another, but also make their stock accounts ride a “roller coaster”
It was disclosed that Yanan Bicon Pharmaceutical Listed Company(002411) in February 5 and 6, 2020, the maximum increase was 9.62% on February 7 after receiving the notice of accelerating the production of masks and carrying out strategic cooperation such as pulmonary fibrosis treatment; After the inquiry and supplementary disclosure of the Shenzhen Stock Exchange, the company’s share price changed from rise to fall, with an increase of 1.53% on February 7 and a decrease of 9.98% and 5.65% on February 10 and 11.
In March 2020, Yanan Bicon Pharmaceutical Listed Company(002411) was filed for investigation by the CSRC on suspicion of violation of laws and regulations by xinphi. In October 2020, Shaanxi Securities Regulatory Bureau issued the decision on administrative punishment to Yanan Bicon Pharmaceutical Listed Company(002411) governmentP align = “center” Image Source: Yanan Bicon Pharmaceutical Listed Company(002411) announcement
With the confirmation of the company’s illegal facts, investors with damaged relevant rights and interests will successively claim against Yanan Bicon Pharmaceutical Listed Company(002411) for compensation Yanan Bicon Pharmaceutical Listed Company(002411) 2021 semi annual report shows that as of July 27, 2021, 501 Securities Misrepresentation cases involving a total amount of 978938 million yuan are in the first instance of civil proceedingsP align = “center” Image Source: Yanan Bicon Pharmaceutical Listed Company(002411) 2021 semi annual report
The latest progress shows that the litigation claims of some investors have been supported by the court. On the evening of May 20, 2022, Yanan Bicon Pharmaceutical Listed Company(002411) disclosed that the intermediate people’s Court of Xi’an, Shaanxi Province had concluded the trial of 215 natural person investors and the dispute over the liability for false statements between Li Yanfei, sun Rong and Xu ruiruirui and the company’s securities.
The judgment results show that Yanan Bicon Pharmaceutical Listed Company(002411) needs to compensate 215 natural person investors for a total of about 6.0805 million yuan within 10 days from the effective date of the judgment; Compensate the plaintiff Li Yanfei for the economic loss of 1386691 yuan, and Li zongsong (actual controller) shall bear joint and several liability for compensation; Compensate the plaintiff sun Rong for the economic loss of 2744683 yuan, and Li zongsong shall bear joint and several liability for compensation; Compensate the plaintiff Xu ruiruirui for the economic loss of about 1.032 million yuan, and Li zongsong, Gu Xiaojia (then chairman) and Xiang Xingfu (then vice chairman) shall be jointly and severally liableP align = “center” Image Source: Yanan Bicon Pharmaceutical Listed Company(002411) announcement
according to the Yanan Bicon Pharmaceutical Listed Company(002411) announcement, the company’s investor litigation has not been completely completed, and some cases have not been adjudicated
The case in which the company disclosed the progress this time is the judgment result of the intermediate court. If the company disagrees with this judgment, the company may submit an appeal to the intermediate court within 30 days from the date of service of the judgment, and submit copies according to the number of other parties, and appeal to the higher people’s Court of Shaanxi Province.
suspected of violation of the letter phi and filed again
The previous “troubles” have not been solved yet, and Yanan Bicon Pharmaceutical Listed Company(002411) has fallen into a new quagmire!
On the last day of the disclosure deadline of the annual report, Yanan Bicon Pharmaceutical Listed Company(002411) said that the company’s 2021 annual report was “dystocia” due to the failure to reach an agreement with the annual report audit institution on major matters. On the same day, Yanan Bicon Pharmaceutical Listed Company(002411) also revised the previously disclosed performance forecast for 2021, from the expected profit of 950 million yuan to 1 billion yuan to the expected loss of 750 million to 880 million yuan. The company’s shares have also been suspended by the Shenzhen Stock Exchange since May 5.
Picture source: Yanan Bicon Pharmaceutical Listed Company(002411) announcement
In this regard, on May 7, Shaanxi regulatory bureau issued the decision on administrative regulatory measures to Yanan Bicon Pharmaceutical Listed Company(002411) to take the decision of issuing a warning letter to the company and Han Wenxiong, chairman and Secretary of the board of directors (Acting), Shao Xinjun, general manager and Fang Xi, chief financial officer, and take regulatory measures to order the company to correct.
At the same time, Shaanxi regulatory bureau stated in the decision on administrative regulatory measures that the annual performance forecast belongs to major sensitive information that may affect investors’ decision-making, and the company should make an objective and cautious estimation of the annual performance according to the accounting standards to ensure the accuracy of the forecast performance.
Picture source: Yanan Bicon Pharmaceutical Listed Company(002411) announcement
On May 13, Yanan Bicon Pharmaceutical Listed Company(002411) disclosed that the company received the notice of filing a case by China Securities Regulatory Commission (Zheng Jian Li Jian Li Jian Zi No. 0092022004) for suspected illegal information disclosure.
The company is actively promoting the preparation of the latest annual audit report, which shows that the company is actively promoting the preparation of the annual audit report. The investigation of suspected illegal information disclosure is in progress, and the company has not received the concluding opinions or decisions of the CSRC on the above-mentioned filing matters.
Picture source: Yanan Bicon Pharmaceutical Listed Company(002411) announcement
According to the announcement, there seems to be little time left for Yanan Bicon Pharmaceutical Listed Company(002411) .
If the company fails to disclose the 2021 annual report within two months of stock suspension, it will be warned of delisting risk; If Yanan Bicon Pharmaceutical Listed Company(002411) fails to disclose the true, accurate and complete annual report of 2021 guaranteed by more than half of the directors within two months from the date of delisting risk warning, the listing and trading of the company’s shares may be terminated.
Meanwhile, if Yanan Bicon Pharmaceutical Listed Company(002411) is subject to administrative punishment by the CSRC due to illegal information disclosure, and the illegal act constitutes a major illegal forced delisting, the company’s shares may also be subject to the risk of delisting.
Where will the Yanan Bicon Pharmaceutical Listed Company(002411) with “many problems” go? Shanghai Securities News reporter will continue to pay attention.
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