Korea Exchange will review whether to delist biotech company SillaJen Inc. due to the indictment of embezzlement and breach of trust charges against its officials.
Company executives were suspected of avoiding massive losses by selling large amounts of stocks ahead of its regulatory filing in August 2019, using inside information that its key product Pexa-Vec failed clinical tests.
Prosecutors also suspect that former Sillajen CEO Moon Eun-sang acquired a stake in the company without any capital by taking over bonds with warrants.
Moon resigned last week as Sillajen CEO after a warrant of arrest was issued against him by the Seoul Southern District Court for using undisclosed information to sell SillaJen stocks and committing other irregularities.
The resignation was also perceived as a means to help SillaJen avoid a delisting.
Top managers’ alleged embezzlement can be a basis for a company to lose eligibility for listing on the stock market.
KOSDAQ has suspended trading of SillaJen stocks since May 4.


Samsung Eyes $72 Billion Shareholder Return Plan as AI Chip Boom Fuels Profits
CK Hutchison Seeks $1.5 Billion From Panama Over Canal Ports
Anthropic Eyes $10B-Plus Credit Line Ahead of Potential IPO
Schott Pharma Stock Rises as Barclays Upgrades Rating on Growth Outlook
Shein Targets $26B-$27B Valuation for Hong Kong IPO
Moody’s Affirms NVIDIA Aa1 Rating as AI Data Center Guarantees Reach $105 Billion
AstraZeneca Halts Phase III Volrustomig Lung Cancer Trial After Efficacy Setback
REPAY Stock Rises After Visa Platform Connect Collaboration
Moody’s Upgrades Vodafone Hybrid Debt Ratings to Baa3
Alphabet Eyes First Australian Dollar Bond as AI Spending Drives Funding Push
Toyota, Honda Shares Rise on Possible U.S.-Canada Auto Tariff Cut
Moderna Short Sellers Hit With $4.8 Billion Loss as Stock Soars
Sun Pharma Wins U.S. Appeal in Pfizer Lipitor Antitrust Case
BofA Sees Micron EPS Topping $230 by 2030, Backs Major Stock Upside
OpenAI Revenue Rises 18% in Q2 as Losses Widen and Anthropic Surges Ahead
Unitree Robotics Shares Soar Over 600% in Shanghai Market Debut
SEC Sues Former Tricolor Executives Over $1.9 Billion Investor Fraud Scheme 



