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China's Wuliangye faces class action lawsuit


20:53, June 04, 2013

SHENZHEN, June 4 (Xinhua) -- 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 U.S. dollars) 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.

The court notified Wuliangye of the lawsuit on Friday, the statement said.

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