 |
Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Samchundang Pharm has initiated legal action against securities firms and analysts following a sharp decline in its stock price over two consecutive days.
In an emergency notice posted on April 1, the company announced that it has begun both civil and criminal proceedings, stating that it will “protect shareholders’ assets.”
Samchundang Pharm claimed that certain securities firms and analysts had circulated “malicious false information,” adding that it would immediately file complaints and seek damages. The company emphasized that it would not treat the matter as an isolated incident but would investigate whether there was organizational involvement at the firm level and pursue full accountability.
Addressing a recent preliminary designation by the Korea Exchange for alleged inadequate disclosure, the company stated that the issue does not reflect a broader flaw in its overall performance. It explained that the matter relates to profit forecasts for a single product—Eylea—among its portfolio of more than 200 products, and described the designation as a procedural step.
The company also highlighted details of its oral semaglutide licensing agreement, stating that the U.S. contract includes a “binding sales forecast” of KRW 15 trillion over 10 years. It added that it holds exclusive rights to terminate the agreement if its partner fails to achieve at least 50% of the target for two consecutive years.
Samchundang Pharm further argued that the recent share price decline was not due to deterioration in corporate value but rather the result of “coordinated attacks by short-selling forces aligned with malicious rumors.” It pointed to the exchange’s decision to designate the stock as an “overheated short-selling” issue and temporarily ban short selling for one day as supporting evidence.
The company’s response is seen as an effort to stabilize investor sentiment. After dropping nearly 30% the previous day, the stock fell an additional 10.25% on April 1, closing at around KRW 740,000.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
