"Another Stock Price Manipulation"...Joint Response Team Raids KOSDAQ-Listed Company
The Joint Response Team for Eradicating Stock Price Manipulation has launched a compulsory investigation into a KOSDAQ-listed company suspected of manipulating its stock price by issuing false disclosures, such as announcing entry into new businesses.
According to the financial sector on July 10, the Joint Response Team conducted a search and seizure operation that morning at Company A's headquarters in Pyeongtaek, Gyeonggi Province, as well as at the residences of current and former executives and the largest shareholder.
Company A is suspected of obtaining unjust profits through false disclosures. Last year, during a cashless merger and acquisition (M&A), it announced plans to enter a new artificial intelligence (AI) business, but it is reported that no such business was actually pursued. Company A's stock price rose to 5,650 won in July last year but fell to 494 won as of April 2 this year.
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Although Company A was set to be delisted due to poor management, trading has been suspended following the company's objection to the decision.
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