Phantsi Zemali izixhobo zemali Izixhobo zemali kwaye Exchange Umthetho (formerly yaziwa njenge Securities kwaye Exchange Umthetho), inkampani ukuba iifayili a securities ingxelo equlethe i-imathiriyali ubuxoki statement netyala ukuba elidlulileyo kwaye anike shareholders kuba umonakalo othe wenza ngaloo ndlelaNgo- inani wenkundla izigqibo baphalaza ukukhanya ngemiba ka-zasekuhlaleni eyimali kuba ubuxoki zonyaka kwi-securities iingxelo, ingakumbi kwi iindlela ngawo shareholders ndibongoze kwaye nindivavanye isixa-mali umonakalo othe. I-ezibalulekileyo iimeko babebaninzi re Associant Iteknoloji Inc, Nippon Life Insurance Company v LDH Corporation kwaye litigation involving Seibu Railway Co Ltd, apho institutional kwaye retail shareholders azisa amabango. inkumbulo, njengoko nawuphi na zabelo ke ibango kuba imbuyekezo, zabelo kufuneka kuvavanya isixa-mali umonakalo othe ngokunika ubungqina umahluko phakathi kwexabiso ngexesha apho stock waba ukuthengwa kunye uqikelelo kwimakethi ixabiso le-stock ukuba akukho ubuxoki ingxelo bebe made, yokugqibela ekubeni termed 'imaginary kwimakethi ixabiso'. Umthetho ubonelela i-artificial presumption apho reduces i-zabelo ke mthwalo ka-ubungqina yi-ukuhlolwa isixa-mali ngokunxulumene umthetho: umonakalo othe ingaba no i-avareji stock kwimakethi ixabiso kuba inyanga enye phambi kumhla apho ubuxoki ingxelo waba esidlangalaleni kwapapashwa, thabatha i-avareji stock kwimakethi ixabiso ngexesha inyanga emva uluntu ukubhengezwa. Izigqibo Kwi-re Associant Iteknoloji waba delisted ngenxa ubuxoki zonyaka yakhe zemali. Inkundla yagqiba ukuba isixa-mali umonakalo othe waba no umahluko phakathi ukuthenga ixabiso kwaye ukulahlwa ixabiso, exela ukuba enjalo umonakalo othe ngokuqhelekileyo ngenxa ukusuka ubuxoki zemali. Retail Shareholders v Seibu Railway Co Ltd Seibu Railway waba delisted ngenxa ubuxoki zonyaka kwi-zabelo ukwakhiwa yakhe securities ingxelo. I-plaintiffs thathwa kuba imbuyekezo I-retail shareholders pleaded ukuba isixa-mali umonakalo othe waba no: inkundla asivunywanga bonke kodwa yokugqibela uhlalutyo (ukutsho oko, isixa-mali umonakalo othe kuba yangaphambili shareholders).
It eqhutywe njengokulandelayo: nangona Kunjalo, inkundla ekuvunyelwene ngalo yesibini inxalenye yesithathu mbambano, nkqu nokuba omabini amaqela baba ngokusekelwe efanayo logic.
Inkundla kuchazwe ukuba xa stock amaxabiso kuwa sharply kwaye inkampani ephiwe emngciphekweni ka-delisting ngenxa yaziswe a ubuxoki ingxelo, kufanelekile kuba abatyali-mali ukuba alahle stock ukuze nciphisa zabo ilahleko. Ke ngoko, ilahleko ukuba yangaphambili shareholders kokuba ugcinwa kwi-disposing zabo stock ayikwazi uqwalaselwe njengoko umonakalo othe ezibangela ukuba ukususela ubuxoki zemali. Institutional Shareholders v Seibu Railway Co Ltd Basing zabo amabango kwi-efanayo factual wesiqalo njengo ukuba Retail Shareholders, Ejapan Trustee Iinkonzo Co Ltd nezinye institutional shareholders thathwa imbuyekezo ukusuka Seibu Railway kuba umonakalo othe yintsholongwane yayo ubuxoki zemali. I-plaintiffs' pleadings kwakukho phantse identical ukuba retail shareholders' zokuqala ezimbini pleadings kwaye baba asivunywanga ngezizathu ezifanayo. I-plaintiffs made akukho pleadings no lwesithathu pleading kwi-Retail Shareholders Nippon Life Insurance Company v Corporation waba delisted ngenxa ubuxoki zonyaka yakhe securities ingxelo. Nippon Life Insurance Company nezinye institutional abatyali-mali thathwa imbuyekezo ukusuka LDH ngokuthi kusetyenziswa i-ifomula kuba umonakalo othe. Inkundla isetyenziswe i-ifomula okokuqala ukususela zokungeniswa Nangona kunjalo, umthetho umisela ukuba xa unothi ingaba isicelo eso, defendant kufuneka ndibongoze kwaye nindivavanye isixa-mali excludable umonakalo othe okokuba baba yintsholongwane imibandela engelilo pi ingxelo, nangona inkundla usenokusebenzisa yayo eyodwa kwaye ufumanise ukuba isixa-mali excludable umonakalo othe ukuba defendants ayikwazi kuvavanya le mali. Inkundla exercised yayo eyodwa kwaye ifumanise ukuba isixa-mali excludable umonakalo othe waba amathathu le kuqala ngokwendlela isixa-mali. Inkundla kwathathelwa ingqalelo imibandela eyahluka-hlukeneyo ekusenokwenzeka ukuba ingaba wenza okanye kwi-stock ixabiso engelilo pi zonyaka (umz, arrest ye-ummeli umlawuli jikelele kwaye macroeconomic iimeko). Ngayo isicelo eso a liberal yokutolika ye umthetho ke wonke ukubhengezwa yokuba zilawulwe, nto enye iimfuno se-aplikeshini ye-ifomula.
Inkundla kuchazwe ukuba uluntu prosecutor sesinye amaqela ukuba babe esidlangalaleni azise ukuba statement ubuxoki, kwaye ukuba woluntu prosecutor unofficially echaza isimo sakhe sokuphila i-ubukho be a ubuxoki ingxelo media, ezifana yaziswe babe kuthatyathwa woluntu ukubhengezwa.
Nangona ezi zigqibo kubonakala ukuba anikele olomeleleyo indications njani shareholders kufuneka ndibongoze kwaye nindivavanye izixa-mali ka-umonakalo othe yintsholongwane ubuxoki zemali, kubalulekile unclear nokuba zabo iziphumo zemisebenzi yokufama kusenokuba reconciled. Njengoko zonke izigqibo zithe appealed, kubalulekile kukho ithemba lokuba elizayo findings uza cacisa indawo.
