Shares of Samchundang Pharmaceutical, a leading company on the KOSDAQ, plummeted by over 40% during trading, reigniting attention on past allegations of stock manipulation made by an investor to the Financial Supervisory Service and the National Assembly.
On July 21, a post titled 'Samchundang Pharmaceutical, -41% in 3 Hours' gained traction on an online community. The author, identified as A, noted, "The price dropped from 1.28 million won on March 30 to 160,000 won today. If I had invested 100 million won at the end of March, I would only be able to take out 13 million won now."
The accompanying chart showed the stock price, which had traded at 284,500 won early in the session, collapsing to 167,500 won. In just a few hours, the stock fell by more than 40%, leading to a surge in sell-offs and significantly increased trading volume.
Additionally, a blog post from March 30 titled 'Request for Investigation into Samchundang Pharmaceutical Stock Manipulation' has resurfaced. The author, identified as B, listed various past business dealings, including contracts for a non-invasive blood glucose monitor, COVID-19 vaccine, oral insulin development, obesity treatment, S-PASS technology, and eye drop contracts, claiming, "Exaggerated disclosures and media play have been repeated."
B specifically pointed out that the contracts related to obesity treatments in Japan and Europe were mostly undisclosed, and the estimated contract sizes were based on projected future sales, which raised concerns. He also mentioned plans for major shareholders to sell their stakes and announcements of new drug developments, labeling it a "typical manipulated stock pattern."
B emphasized, "Problems will emerge when this year's performance and oral insulin results are released." The blog post did not receive much attention at the time, but it has gained traction again as the stock price has recently plummeted.
In response, netizens commented, "The stock hit the limit down the day after the blog post was published and has been falling ever since," and "Biotech is scarier than leverage itself." Others noted, "It seems like they were preparing for manipulation, but other biotech issues compounded the situation," and "I had bookmarked it, and now it has come to this." Some remarked, "It hit the limit up yesterday, and now it's down 40%. The volatility is worse than cryptocurrency," while another quipped, "It's not Samchundang; it's Samhell."
* This article has been translated by AI.
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