Shanghai, China
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China Shanghai Court Settles First Securities Class-Action Lawsuit with Essence Information Technology to Pay 7,195 Investors $39.6 Million for Concealing & Fabricating Key Information During IPO & Annual Reports, IPO in 2020 & Delisted in 2023 on Shanghai Stock Exchange STAR Market

28th December 2023 | Hong Kong

A China Shanghai court has settled the first securities class-action lawsuit with Essence Information Technology to pay 7,195 investors $39.6 million (CNY 280 million) for concealing & fabricating key information during IPO and the subsequent annual reports.  Essence Information Technology had IPO in 2020 and was delisted in 2023 on Shanghai Stock Exchange (STAR Market).  The China Securities Investor Services Center (non-profit organization) represented 7,195 investors to sue Essence Information Technology & 12 executives, awarding full compensation of $39.6 million (CNY 280 million) in the settlement. 

“ China Shanghai Court Settles First Securities Class-Action Lawsuit with Essence Information Technology to Pay 7,195 Investors $39.6 Million for Concealing & Fabricating Key Information During IPO & Annual Reports, IPO in 2020 & Delisted in 2023 on Shanghai Stock Exchange STAR Market “

 



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China Shanghai Court Settles First Securities Class-Action Lawsuit with Essence Information Technology to Pay 7,195 Investors $39.6 Million for Concealing & Fabricating Key Information During IPO & Annual Reports, IPO in 2020 & Delisted in 2023 on Shanghai Stock Exchange STAR Market

Shanghai, China



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