JW Biotech Wins Injunction Against Suspension of Duties... "Expecting Flexibility in New Business and More"

[Asia Economy Reporter Jang Hyowon] Biotechnology specialist company GW Biotech announced on the 29th that the provisional injunction request for suspension of duties filed by Subon Saenghwal Geongang Co., Ltd. at the Seoul Southern District Court in September was dismissed.

The court ruled to dismiss the provisional injunction for suspension of duties requested against GW Biotech’s CEO Yang Jaewon, and outside directors Jeong Dongsu and Kim Dongyun, stating "dismissed due to lack of grounds," and decided that the litigation costs will be borne by the creditor, Subon Saenghwal Geongang.

A GW Biotech official explained, "With this court decision, the ongoing new business is expected to gain momentum."

He added, "Excessive litigation harms shareholder value. The company and its executives and employees will enhance corporate value through increased sales and profits based on stable management rights."

Meanwhile, GW Biotech is actively promoting new businesses such as vaccines, e-commerce, and health functional foods.