Insider trading lawsuit filed against Everbright
Print Edition
An individual investor has filed an insider trading lawsuit against Everbright Securities in the Shanghai No. 2 Intermediate People’s Court yesterday, Xinhua news agency said.
The China Securities Regulatory Commission in August fined the firm a record 523.3 million yuan (US$85 million) and banned four executives from working in the sector for life for a trading error that rocked the stock market.
A glitch in Everbright’s trading system triggered a deluge of orders that caused wild gyrations in the Shanghai stock market on August 16, with the key composite index shooting up to 5.9 percent in two minutes.
Everbright was charged with insider trading because it made a large number of hedge trades before it disclosed the trading glitch to the public.
The CSRC said investors who had suffered losses could file lawsuits to claim damages from the brokerage.
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