Gemvax "Accounting and Clinical Rumors Groundless... Preparing for Legal Action"

[Asia Economy Reporter Hyunseok Yoo] GemVax & Kael has announced that it will actively respond to market rumors.

On the 18th, GemVax stated on its website that there are no issues with its clinical trials.

GemVax said, "We want to convey the company's position to shareholders and investors to prevent any damage caused by baseless rumors spreading in the stock market," adding, "The market rumors related to the accounting audits of GemVax and its affiliates, as well as the rumors about the clinical trials conducted by GemVax, are completely unfounded."

It continued, "Currently, GemVax is calmly preparing domestic and overseas clinical trials as originally planned, and there are no other management issues whatsoever," emphasizing, "Furthermore, we are preparing legal actions against short-selling forces that produce malicious rumors hindering sound corporate activities."

Meanwhile, the stock price plunged as rumors about the accounting audits of GemVax and its affiliates spread the previous day. Additionally, rumors circulated that GemVax's clinical trials were being delayed.