Investors are reminded that the statute of limitations for filing compensation claims against Ylz Information Technology Co.,Ltd. (300096) due to alleged misrepresentation is now in its final six-month countdown. It is noted that while the China Securities Regulatory Commission (CSRC) has initiated an investigation into the company, no formal penalty has been issued yet, leaving limited time for affected investors to act.
Legal proceedings for investor compensation claims against Ylz Information Technology Co.,Ltd. have been filed multiple times with the Xiamen Intermediate People's Court, with the cases currently awaiting further arrangements from the court. Concurrently, efforts to file subsequent cases are ongoing, and the legal team continues to accept new mandates from other eligible investors.
On the evening of May 8, 2024, Ylz Information Technology Co.,Ltd. announced that it had received a "Case Filing Notice" from the CSRC. The company is under investigation for suspected violations of information disclosure regulations, specifically for failing to properly disclose guarantees provided to related parties, in accordance with the Securities Law and the Administrative Penalty Law, among other regulations.
Earlier, on the evening of November 28, 2023, the company disclosed the existence of irregular guarantees and loans, along with related major litigation and arbitration matters. Through self-inspection, the company discovered that it had provided irregular guarantees for the actual controller, controlling shareholder, and then-chairman Mr. Zhang Xi and his related parties, as well as irregular loans signed in the company's name by Mr. Zhang Xi, without undergoing any internal control approval, board of directors, or shareholders' meeting review and decision-making procedures. The company stated that these matters were personal actions by Mr. Zhang Xi. The company did not approve providing guarantees for his related debts or authorize the relevant external loans through due procedures. There are no records of the company signing the "Loan Agreement," "Loan Contract," "Guarantee Contract," or other guarantee documents, nor were these documents found to be retained or stored. Furthermore, the company's accounts did not receive the related loan funds.
Legal analysis suggests that investors who purchased Ylz Information Technology Co.,Ltd. stock between June 14, 2018, and November 29, 2023, and sold or continued to hold the stock after November 29, 2023, may still be eligible to file compensation claims.