Final Two-Month Window Opens for Founder Motor Investor Compensation Claims

Deep News04-27

Investors seeking compensation in the Zhejiang Founder Motor Co., Ltd. (002196) false disclosure case have entered the final two-month period to file claims. The law firm representing the plaintiffs has submitted cases to the Wenzhou Intermediate People's Court and continues to process additional claims.

On the evening of February 5, 2024, Founder Motor announced it had received a "Decision on Administrative Penalty" from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission. The investigation confirmed that the company had inflated total profits by RMB 78,432,305.26 in 2018, RMB 5,964,531.93 in 2019, RMB 17,924,975.88 in 2020, and RMB 2,313,701.22 in 2021, while understating total profits by RMB 86,976,217.46 in 2022. These amounts represented 18.38%, 31.96%, 2.76%, 27.78%, and 26.03% of the absolute value of total profits disclosed in the respective periods.

Legal experts indicate that investors who purchased Founder Motor shares between April 29, 2019, and June 27, 2023, and sold or continued to hold the shares after June 27, 2023, are still eligible to seek compensation. However, the deadline is now within two months, after which the right to claim will expire.

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