'Ostem Embezzlement' Compensation Lawsuit, Small Shareholders Keep Flocking In

Lee Mo, who is accused of embezzling 221.5 billion won of company funds from Osstem Implant, is being transferred to the prosecution from the Gangseo Police Station in Seoul on the 14th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Hwang Junho] As the date for the delisting review of Ostem Implant, whose trading was suspended due to an embezzlement case involving approximately 221.5 billion KRW, approaches, around 20,000 small shareholders are on high alert.

According to the financial investment and legal sectors on the 16th, about 1,500 shareholders had gathered by that day to file damage compensation lawsuits against Ostem Implant. Approximately 1,400 small shareholders registered as victims with the law firm 'Hannuri,' which is preparing for a class action lawsuit, and about 70 people gathered on the joint lawsuit platform 'Hwanan Saramdeul.' The law firm 'Okims' announced that it had signed damage compensation lawsuit delegation contracts with about 40 small shareholders.

Whether investors have suffered damages and future collective lawsuit movements are expected to depend on the decision of the Korea Exchange. The Korea Exchange will decide by the 24th whether Ostem Implant falls under the delisting review. If additional investigations are needed, the period may be extended by up to 15 business days, so the decision will be made by mid-next month at the latest.

If it is decided that Ostem Implant is not subject to the delisting review and trading resumes, shareholders are expected to breathe a sigh of relief as the worst-case scenario of delisting will be avoided. There is also a possibility that the stock price may recover depending on the company's efforts to normalize operations after trading resumes.

On the other hand, due to issues such as inadequate internal control systems and lack of transparency in accounting management systems, it is predicted that the stock price will continue to fall sharply for the time being. In this case, as losses become a reality, lawsuits are likely to be filed.

Ostem Implant stated, "We are well aware of our responsibility regarding the management system," and added, "We will do our best to ensure that trading can resume promptly so that shareholders' damages do not prolong."

This content was produced with the assistance of AI translation services.