LeTV has recently issued a clarification after being directly accused by shareholders of violating their right to information. According to the statement, the company sent an inquiry letter to LeTV Film Group and received a response. In May 2017, LeTV Films provided relevant financial information to Beijing Siwei, and the company has been actively cooperating with shareholders in reviewing its financial and operational data.
An insider from LeTV told the "Securities Daily" that the company has a large number of shareholders, including those from LeTV and other affiliated companies, who have requested detailed reviews of the company’s operations. The company has been cooperating with these requests and even regularly visits shareholders to explain its structure and production processes.
However, there are clear contradictions between LeTV and Beijing Siwei regarding the incident. While LeTV claims it has been compliant and cooperative, Beijing Siwei argues that the company has not provided necessary documents such as shareholder meeting records, board resolutions, and financial reports.
Industry experts believe that LeTV is currently at a critical stage in its restructuring, and ongoing legal disputes may hinder this process. If unresolved, these issues could negatively impact the company’s valuation.
Beijing Siwei, a shareholder holding 2.6744% of LeTV Films’ shares, filed a lawsuit claiming that LeTV did not provide access to key documents since June 2015, thereby infringing on its right to information. The plaintiff argues that LeTV has been concealing important business details and that its actions have exposed shareholders to significant risks.
In response, LeTV denied any infringement, stating that it had provided financial statements, accounting books, and corporate governance documents to Beijing Siwei in May 2017. The company also emphasized that it has followed all regulatory requirements and has not disclosed any unapproved information.
Despite both parties presenting different accounts, the situation remains unclear. The dispute highlights the growing tension between LeTV and its shareholders, especially given the complexity of the company’s shareholder base, which includes well-known figures like Zhang Yimou, Huang Xiaoming, and Li Xiaoyi.
LeTV has been involved in a major asset restructuring for over six months, and recent announcements indicate further delays due to uncertainties. The company has applied for continued trading, citing the complexity of the deal and the need for more time to finalize negotiations.
As the restructuring continues, the outcome of the shareholder dispute will likely play a crucial role in shaping LeTV’s future. The company must resolve these conflicts quickly to avoid further setbacks in its recovery efforts.
16MM Metal Switches
16MM Metal Switches
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