FSS Conducts Second Raid on SK Hynix Related to Pado Case
"To Compare with Fado Sales Data"
The Financial Supervisory Service (FSS), investigating the suspected 'inflated IPO' case of semiconductor design company Pado, conducted another raid on SK Hynix.
According to financial authorities on the 4th, the FSS Capital Market Special Judicial Police conducted a second raid on SK Hynix located in Jung-gu, Seoul on the same day. Previously, the special judicial police had raided SK Hynix headquarters and other locations in April.
The FSS explained that the raid was carried out to secure additional materials to compare internal documents from Pado with those from SK Hynix regarding the allegations of Pado's revenue inflation.
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Pado entered the KOSDAQ market last August with a valuation exceeding 1 trillion won at the time of its IPO. However, an unusual sharp decline in its earnings disclosure sparked controversy over an 'inflated IPO.' Consequently, the FSS is investigating SK Hynix following inquiries into NH Investment & Securities, Korea Investment & Securities, and the Korea Exchange, which were involved as underwriters in Pado's IPO.
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