Vivozon Pharmaceutical started the day on the 22nd with a downward trend.
As of 9:10 a.m. on that day, it is trading at 6,020 won, down 300 won (4.75%) from the previous trading day.
Vivozon Pharmaceutical was reported to have been referred to prosecutors by the Financial Services Commission after it was discovered that former employees used undisclosed information for illegal transactions. This news appears to have adversely affected the stock price on that day.
According to the Korea Securities and Exchange Commission (KSEC), Vivozon employees utilized undisclosed information related to new drug development favorable for investment in February and March 2023. They bought stocks just before the disclosure and shared the information with acquaintances, selling the stocks and making several hundred million won in unjust profits when the stock price rose.
In response, Vivozon Pharmaceutical released a statement, saying, "This issue arose from the personal misconduct of some employees in 2023," and added, "While some media reported it involved the management, the management with decision-making authority was not involved and had already resigned before the investigation started."
It added, "We will take this incident as an opportunity to reassess our security management and overall organizational culture," promising to become "a more transparent and trusted corporation."
On that day, IM, which is suspected of unfairly gaining profits from false thematic new business announcements, has been under transaction suspension since the 8th of last month.