[Special Stock] Studio Dragon Plummets Over 7% Amid Embezzlement and CEO Resignation
The stock price of drama production company Studio Dragon plummeted by over 7% in early trading on the 27th. This is attributed to an embezzlement incident within the company and the resignation of co-CEO Kim Young-gyu.
As of 9:17 a.m. on the same day, Studio Dragon was trading at 53,500 KRW on the KOSDAQ market, down 7.28% from the previous close. Shortly after the market opened, the price dropped to 53,300 KRW, hitting a 52-week low.
![[Special Stock] Studio Dragon Plummets Over 7% Amid Embezzlement and CEO Resignation](http://www.asiae.co.kr/news/img_view.htm?img=2023011914423389597_1674106953.jpg)
The stock decline is analyzed to be influenced not only by the frozen investor sentiment across CJ Group stocks due to CJ CGV's rights offering but also by the resignation of CEO Kim, who had been leading the content division.
Studio Dragon announced CEO Kim's resignation after the market closed the previous day through an inquiry disclosure.
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CEO Kim's sudden resignation is known to be related to an embezzlement incident raised internally. Recently, Studio Dragon received a report that a content producer embezzled company funds and conducted an internal audit.
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