Artist United has stated that the largest shareholder, Lee Jung-jae, the company, and its employees are not involved in any illegal activities related to the search and seizure and will fully cooperate with the investigation.
On the 6th, Artist United issued a statement regarding the internal and external turmoil caused by media reports that the company is undergoing a search and seizure related to insider trading.
Artist United explained that speculation and suspicions directly linking the company to illegal activities such as insider trading and unfair transactions are disrupting normal business operations.
A company representative said, “It is true that the company is under investigation by financial authorities, but this is solely to cooperate with the investigation of suspects involved in insider trading allegations, and the investigation team has confirmed that no employees of the company are suspected of any wrongdoing,” adding, “The largest shareholder Lee Jung-jae and Artist Company are also not subjects of the investigation.”
They also clarified that illegal activities such as information leakage and front-running during the third-party allotment capital increase of Wider Planet, the company’s former name, have no connection to the company. Regarding this, the company stated that it will cooperate fully with the investigation and actively respond to clear up misunderstandings about the company and its largest shareholder.
The company representative added, “If any issues related to front-running or information leakage are identified through our own investigation, we will take legal action against those involved to dispel any suspicions,” and “Artist United will continue to do its best to enhance shareholder value.”
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