Osstem Implant Small Shareholders' Lawsuit Battle Intensifies... 140 Participants on First Day

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] Minority shareholders of Osstem Implant, involved in an embezzlement case amounting to 188 billion KRW, have begun collective action to seek compensation for damages.

On the 6th, Hannuri Law Firm announced, "Even if Osstem Implant recovers the embezzled amount, it will not be easy to restore the damages suffered by minority shareholders," and stated that they have started recruiting minority shareholders willing to participate in damage relief efforts.

According to Hannuri, about 140 minority shareholders registered within six hours after registration opened around 10 a.m. that day.

Through the notice on the 'Osstem Implant Embezzlement Damage Minority Shareholder Registration' board, Hannuri explained, "This incident is likely caused by Osstem Implant's inadequate internal control system and opaque accounting management system," adding, "Claims for damages due to false statements in Osstem Implant's business reports and quarterly reports (class action lawsuits), direct damage claims due to the suspension of Osstem Implant stock trading (joint lawsuits), and shareholder derivative lawsuits may be filed."

Hannuri plans to analyze additional facts as they emerge and explore measures to help minority shareholders recover their damages.

As of the end of the third quarter last year, Osstem Implant had 19,856 minority shareholders.

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