February 06, 2001 19:38
The Financial Supervisory Service (FSS) has asked the prosecutor’s office to investigate Littauer Technologies after finding evidence of stock price manipulation during its probe into the company. Lee Chun-won, Director of the Review and Enforcement Department of the FSS, revealed Tuesday that the FSS has uncovered evidence of stock price manipulation that resulted in the soaring of the share price of Littauer Technologies from W1,500-levels in early November 1999 to W360,000-levels in May 2000.
The FSS has handed over the resulting of its investigation to the prosecutor’s office and requested an official investigation on several employees of the company. An official at the FSS remarked, “We are certain that Littauer has manipulated its stock prices but don’t have enough evidence for an indictment due our limited investigation capacity.”
Shares of Littauer Technologies, which have a face value of W500, remained around the W1,510-W5,000 level between November 1, 1999 and February 2000, but suddenly soared, going to as high as W362,000 on May 18, 2000.
(Yoon Young-shin, firstname.lastname@example.org)
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