[Featured Stock] SillaJen Plummets Over 10% as Prosecutors Intensify Investigation
[Asia Economy Reporter Minji Lee] Bio company Sillajen is experiencing a sharp decline. This appears to be due to the prosecution intensifying its investigation by requesting arrest warrants for former representatives of Sillajen amid suspicions of stock trading using undisclosed information.
According to the Korea Exchange at 11:11 AM on the 10th, Sillajen is trading at 11,600 KRW, down 11.11% from the previous session on the KOSDAQ market.
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On the same day, the Southern District Prosecutors' Office Financial Investigation Division 1 (Chief Prosecutor Seo Jeong-sik) announced that it has requested arrest warrants for former CEO Lee Yong-han (54) and former auditor Kwak Byung-hak (56) of Sillajen. They are suspected of using internal company information to sell large amounts of stock before the public disclosure of the suspension of clinical trials for Sillajen's immuno-oncology drug 'Pexavac,' thereby avoiding significant losses.
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