This jurisdictional interpretation is the first more systematic stipulation about liability of false statement in securities civil liability legislation of our country, and will have great influence over the securities civil lawsuit of our country.

In securities class actions for false statement,how to define the false accounting information is the key point for lawsuit.

This article argues that civil tort action of securities is action of public benefit because the object infringed by civil trespass of securities is public interests and because the interest protected by civil tort action of securities is public interests too.

Research on US Securities Class Action Institution and Using for China s Reference;