China's Wuliangye faces class action lawsuit
Xinhua | Updated: 2013-06-05 09:27
SHENZHEN -- More than 150 people have collectively filed a lawsuit against China's Wuliangye, the company said in a statement on Tuesday.
They are seeking over 19 million yuan ($3.1 million) in compensation from the distillery, it said.
The plaintiffs have accused the Shenzhen Stock Exchange-listed company of "false representation," as a sanction against Wuliangye was meted out by China's securities watchdog in 2011.
In a report about the sanction, the China Securities Regulatory Commission said that Wuliangye omitted or failed to immediately disclose several issues that could affect investors.
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