The Securities and Futures Investors Protection Center last year filed 11 class-action lawsuits on behalf of 7,982 investors, with the largest against Pharmally International Holding Co (康友製藥) involving 4,700 complainants, the center said yesterday.
The biotechnology company allegedly forged financial statements and had been unable to submit audited reports since the first quarter of 2020 before it was delisted in April last year, leaving thousands of shareholders out of pocket.
The center filed a lawsuit against Pharmally International at the Taipei District Court on behalf of 4,700 investors, seeking total compensation of NT$5.4 billion (US$195.17 million), center chairwoman Chang Hsin-ti (張心悌) told a news conference in Taipei.
Photo: Chen Yung-chi, Taipei Times
It was the largest case the center has dealt with since it filed suits against Pacific Electric Wire and Cable Co (太平洋電線電纜) on behalf of 24,772 investors in 2011 and XPEC Entertainment Inc (樂陞科技) on behalf of 19,620 investors in 2016, its data showed.
The judicial process should be smooth in Taiwan, but even if Pharmally International loses the case, there would be some challenges regarding how to execute orders by domestic courts abroad, as the firm has assets in China and Southeast Asia, Chang said.
After the Commercial Case Adjudication Act (商業事件審理法) took effect in July last year, the center has filed five lawsuits at commercial courts, with investors demanding more than NT$100 million in total compensation, she said.
The five lawsuits are against Dukang Distillers Holdings Ltd (杜康控股), ASE Technology Holding Co (日月光投控), Roo Hsing Co (如興股份), Chernan Metal Industrial Corp (晟楠科技) and Topower Co (至寶光電), Chang said.
The center sued Roo Hsing, one of the world’s largest manufacturers of denim jeans, as its prospectus was allegedly false, and brought ASE to the court as investors encountered losses due to insider trading, it said.
Those cases would be reviewed at a faster pace at commercial courts, the center said.
The center won 10 cases with combined compensation of about NT$2.7 billion last year, it said.
The center, which has 12 lawyers and 30 employees, plans to recruit two or three additional lawyers to enhance its capabilities, Chang said.
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