Ewha Electric "Legal Action Against Malicious Rumors and Fake News to Protect Shareholders and Preserve Corporate Value"

[Asia Economy Reporter Yoo Hyun-seok] Ewha Electric announced on the 2nd that it will take immediate and decisive legal action against all acts that damage shareholders' asset value and tarnish the company's reputation.

Ewha Electric has recently identified circumstances indicating that baseless rumors and fake news are being actively and comprehensively spread targeting its subsidiaries and affiliates, including Ewha Electric, EID, Etron, EDT, and EQCell, and plans to take immediate action against such acts.

Founded in 1965, Ewha Electric has written the history of power conversion equipment in Korea for over 60 years. In 1969, it developed the country's first Uninterruptible Power Supply (UPS), leading the localization of power supply equipment in public sectors such as subways and nuclear power plants, defense sectors including aircraft and submarines, and private power facilities. Since its listing on the KOSDAQ market in 1994, Ewha Electric has steadily expanded its business and grown into a mid-sized group with more than ten subsidiaries and affiliates.

An Ewha Electric official stated, "We are preparing a stepping stone to leap into a mid-sized group this year through mergers and acquisitions of various companies and support from the parent company to enter related and new business sectors," adding, "We have confirmed through shareholder reports that there are entities spreading baseless rumors, one-sided slanders, and defamatory fake news during this period." He continued, "Since the fake news appears to be mainly targeting the group's affiliated listed companies, we have decided to take immediate and firm legal measures to protect shareholders' asset value and preserve the company's external credibility."

Ewha Electric plans to first identify the perpetrators of these acts through all legal teams within the group and external law firms, and to clarify their motives and reasons through legal responses. Furthermore, for confirmed wrongful acts, the company will proceed with criminal prosecution and claims for monetary damages, and will firmly deal with all individuals, organizations, and media outlets that actively participate in baseless illegal acts without verifying facts through the courts.