[Featured Stock] JW Jungwoo Pharmaceutical Faces 29.8 Billion KRW Rebate Fine, Stock Drops 13%
On the 19th, pharmaceutical company JW Pharmaceutical showed a decline of over 13%.
As of 3:03 PM on the same day, JW Pharmaceutical was trading at 30,800 KRW, down 13.24% from the previous close.
Earlier, it was revealed that JW Pharmaceutical provided rebates worth approximately 7 billion KRW to about 1,500 hospitals nationwide to increase sales of its products. In response, the Fair Trade Commission announced that it had issued corrective orders and imposed a fine of 29.8 billion KRW on JW Pharmaceutical for violating the Monopoly Regulation and Fair Trade Act, and reported the corporation and CEO Shin Young-seop to the prosecution.
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Regarding this, JW Pharmaceutical released a statement saying, "Compared to cases involving other companies, this measure is unfair," and added, "We plan to review the details upon receiving the decision document and respond through administrative litigation."
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