Fullview Asia, claiming to represent the interests of failed orchid grower Euro-Asia Agricultural (Holdings), is suing 41 companies and individuals for their alleged roles in the collapse four years ago of the main board firm.
Fullview filed a writ in the High Court last Friday claiming it had been assigned all 'causes of action, claims, rights and entitlements' that Euro-Asia might have had against the various defendants in relation to the company's listing and the events that followed. The writ did not specify the amount of damages and interests.
Euro-Asia was placed in liquidation in 2003, barely two years after it made its trading debut.
It has been alleged that Euro-Asia's revenues were overstated by a factor of 20 in the run-up to the listing. It claimed exports of flowers and seedlings for 2000 were almost twice the official total for the entire mainland that year.
Fullview is suing 23 companies and individuals associated with the preparation of the prospectus and the actual listing for breach of contract, breach of duty and negligence.
Among those named are ICEA Capital, sponsor and joint lead manager for Euro-Asia's IPO, accounting firm PricewaterhouseCoopers, law firm Herbert Smith and Euro-Asia's then chairman Yang Bin, once the second-richest man in the mainland and now serving an 18-year prison term for acts leading to the company's collapse.