DeHeng Assisted Listed Company in Reducing Compensation in Securities False Statement Liability Dispute Case

2025-03-28

In March 2025, in a securities false statement liability dispute case where the defendant was a listed company represented by DeHeng lawyers, the trying intermediate people’s court adopted the professional opinions proposed by DeHeng lawyers regarding the calculation method of the plaintiff’s losses. On top of deducting systemic risks, the court further supported the reasonable opinion that non-systemic risks should also be deducted.

The focus of the dispute in this case was how to scientifically and reasonably calculate the actual losses suffered by investors due to the false statement. Partners Wang Bo and Ruan Wanjing from DeHeng’s Beijing Office provided detailed evidence during the litigation process, proving that the decline in the listed company’s stock price during the period from the implementation date to the disclosure date of the false statement was the result of multiple factors, not solely caused by the false statement in question. Ultimately, in determining the losses, the court not only considered the impact of the false statement and systemic risks of the market on the stock price decline but also fully took into account independent non-systemic risk factors such as the company’s increasing losses and insufficient working capital, which were caused by the worsening operating conditions of the listed company itself.