A court in Guangdong, China decided to hear cases filed against Misho Ecology & Landscape for securities misrepresentation, according to a Tuesday filing by GF Securities (HKG:1776, SHE:000776) with the Hong Kong Exchange.
The case stems from the 2018 non-public issuance of shares project, of which GF Securities was the sponsor and lead underwriter, the filing said.
Twelve investors filed claims valued at about 949,602.89 yuan against the civil engineering firm, GF Securities, and other defendants, the filing said.
GF Securities has yet to determine the impact of the case on its financials, the filing said.
Misho Ecology was delisted from the Shenzhen Stock Exchange in September due to the devaluation of its shares.
Shares in GF fell 1% in Hong Kong during Tuesday's midday trading.
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