Key Litigation Points in Securities Fraud Misrepresentation Liability Disputes

Taking Beijing as an example, among first-instance cases of securities fraud misrepresentation liability disputes filed over the past five years, all fall under the jurisdiction of the Beijing Financial Court. II. Litigation Parties (A) Plaintiffs Eligible in Civil Compensation Cases for Securities Fraud Misrepresentation Investors, holders, trustees, and asset management product managers, among others. Investors and holders include market participants such as securities companies, fund management companies, insurance companies, trust companies, and commercial banks—provided that their securities investment products are lawfully established. (B) Liable Parties III. Types of Misrepresentation IV. Loss Assessment The scope of civil compensation liability borne by the information disclosure obligor is limited to the actual losses suffered by the plaintiff due to the misrepresentation, specifically including: (A) Investment differential loss; (B) Commission (0.03%) and stamp duty (0.1%) attributable to the investment differential loss. In securities fraud misrepresentation liability disputes, the "Three Dates and One Price" refers to: the date of implementation of the misrepresentation, the date of disclosure (or correction), the benchmark date for calculating investment differential loss, and the benchmark price for calculating investment differential loss. Date of Implementation: The date on which the information disclosure obligor makes the misrepresentation or on which the misrepresentation occurs. Date of Disclosure: The date on which the misrepresentation is first publicly disclosed—and becomes known to the securities market—on nationally influential media, including newspapers, radio, television, regulatory authority websites, trading venue websites, major portal sites, or industry-renowned self-media platforms. Benchmark Date: The cut-off date prescribed to reasonably delimit the calculation period for losses, thereby confining the plaintiff’s recoverable damages strictly to those caused by the misrepresentation. In a centrally auctioned trading market, the benchmark date is the day on which cumulative trading volume of the affected security reaches 100% of its freely tradable shares, commencing from the date of disclosure or correction. If cumulative turnover reaches 100% of freely tradable shares within ten trading days, the tenth trading day serves as the benchmark date; if such threshold is not reached within thirty trading days, the thirtieth trading day is designated the benchmark date. Benchmark Price: The average closing price of the security across each trading day from the date of disclosure (or correction) through the benchmark date, used as the benchmark price for loss calculation.

Accused of Concealing $7 Billion (RMB 50.8 Billion) in Massive Losses! Intel Faces Class-Action Lawsuit

Introduction: According to a recent report by Tom's Hardware, Intel Corporation is facing a class-action lawsuit, with investors accusing the company of concealing approximately USD 7 billion (roughly RMB 50.8 billion) in massive losses incurred by its Intel Foundry Services division. [Image: Intel Corporation Headquarters] The report states that investors allege Intel failed to properly disclose the manufacturing division’s losses when reporting its 2023 financial results in January. Furthermore, Intel reportedly outsourced roughly 30% of its production capacity to foundries such as TSMC—a move that further angered investors. This lawsuit was initiated by the law firm Levi & Korsinsky, which is urging Intel investors to join the class action against the company. Starting in Q1 2024, Intel adopted its so-called “internal foundry” model, under which both its internal product divisions and external customers can access manufacturing and packaging services from Intel’s newly independent Intel Foundry division. Previously, Intel did not separately report performance data for its manufacturing division; it only disclosed financial results for the Intel Foundry Services division—the segment responsible for selling manufacturing services to external clients. [Image: Intel Stock Price Trend] After Intel fully disclosed its departmental restructuring plan in April 2024, it was compelled to recalculate the historical financial performance of its foundry operations as an independent division. The results revealed that this division incurred losses of approximately USD 7 billion in 2023—triggering a sharp decline in Intel’s stock price. Moreover, Intel’s decision to outsource about 30% of its production capacity to wafer foundries like TSMC further inflamed investor anger. Intel’s Q1 2024 earnings release included the first-ever standalone financial results for its manufacturing division, showing that Intel Foundry posted a Q1 2024 loss of USD 2.5 billion on revenue of USD 4.4 billion. Since the beginning of the year, Intel’s market capitalization has shrunk by roughly one-third.

Bronstein, Gewirtz & Grossman LLC Urges Chemours Company Investors to Act: Class Action Filed Alleging Investor Harm

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Chemours faces a class action lawsuit alleging overstated Opteon demand compromised financial guidance. Investors purchasing securities between Feb and Aug 2026 are urged to join the case.

GlobeNewswire

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Chemours Company Faces Securities Fraud Class Action Over Opteon Demand Claims

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Chemours Faces Securities Lawsuit Over Disclosures and Guidance

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Chemours Company Faces Class Action Lawsuit Alleging Investor Harm

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Class Action Lawsuit Filed Against Chemours for Misleading Investors on Product Demand and Financial Guidance.

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Class Action Lawsuit Filed Against Chemours Over Overstated Demand and Lowered 2026 Guidance