Stock Sold After Price Surge Following Purchase Using Undisclosed Information
SBS Office Also Searched... Employee Dismissed
Financial authorities conducted a search and seizure of the SBS office while investigating an SBS employee for allegedly using undisclosed information to gain stock trading profits.
According to financial authorities on July 15, the Capital Market Investigation Division of the Financial Services Commission searched the SBS office as part of its investigation into employee A, who is suspected of using undisclosed information obtained in the course of work to purchase a large volume of SBS shares and then selling them after the price rose.
It has been reported that employee A obtained information at the end of last year that SBS would form a strategic partnership with Netflix, purchased a large amount of SBS shares based on this information, and then sold them after the announcement, earning billions of won in trading profits.
On December 20, 2024, SBS announced that it had signed a content supply agreement with Netflix, and the stock hit the upper price limit for two consecutive trading days.
The Financial Services Commission is also investigating whether other SBS employees traded shares using undisclosed information.
Meanwhile, SBS stated that it was notified by the Financial Services Commission on the morning of July 15 that employee A was under investigation for alleged violations of the Capital Markets Act, and that after confirming the facts, the company had dismissed the employee.
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