case Mainland China / Shanghai English summary

Feile Audio Securities False Statement Ordinary Representative Litigation

魏某等315名投资者诉上海飞乐音响股份有限公司证券虚假陈述责任纠纷案

A Shanghai Financial Court case applying the ordinary representative action mechanism to a securities false-statement dispute involving 315 investors and over RMB 123 million in compensation.

Brief English Introduction

The case was an early full-scale use of ordinary representative litigation after the SPC’s representative-litigation rules for securities disputes.

Use It For

Use this case for local financial-court innovation, group securities claims, loss calculation, and the practical difference between ordinary and special representative litigation.

Teaching Notes

It fits between individual securities lawsuits and the later Kangmei special representative litigation, showing how procedure evolved in stages.