Judgment is expected on November 19, some four years on, in the damages claim brought against Hanmi Pharmaceutical by investors who suffered share price losses after the company disclosed favorable news of a large technology export agreement in 2016 and then, the very next day, disclosed the unfavorable news that a technology export agreement had been cancelled.
According to Law Firm Changchun and Hanmi Pharmaceutical, oral argument in the damages suit brought against Hanmi Pharmaceutical by minority shareholders resumed at around 10 a.m. on the 29th at the Seoul Central District Court — about a year after the last hearing on October 17 of last year.
After roughly 20 to 30 minutes of resumed argument, the court fixed November 19 as the date for judgment. Judgment will thus come about four years after Hanmi Pharmaceutical investors filed suit on October 21, 2016.
According to Hanmi Pharmaceutical and Law Firm Changchun, 369 people joined the litigation across three tranches, with claims totaling approximately KRW 4.4 billion. Only three are understood to have withdrawn to date.
Attorney Jaesun Yoon of Law Firm Changchun, who represents the investors, explained: "It appears the court felt the weight of rendering judgment, and also grappled with whether the disclosure rules can be construed expansively, or whether a broader disclosure obligation can be imposed on a company under the principle of good faith for the protection of investors."
For details of the matter, please see the link below.
For attorney Jaesun Yoon's profile, please see the link below.