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Consumer group to complain against Hanmi Pharma’s delayed disclosure
By 박한나Published : Oct. 5, 2016 - 14:30
[THE INVESTOR] The Financial Consumer Agency said on Oct. 5 it plans to file a complaint with prosecutors against Hanmi Pharmaceutical for “intentionally” posting unfavorable information belatedly, causing damages to investors.
The civic group called for stern penalties on the Seoul-listed pharmaceutical firm for “committing an immoral act” for posting both winning and losing mega deals with global drug makers two days apart.
“Hanmi Pharmaceutical abused disclosure rules by reporting favorable news first and unfavorable disclosure later during trading hours,” the FCA said in a press release.
The move came after the country’s bourse operator Korea Exchange and financial authorities jointly launched an investigation into the drug maker, which has been in hot water for causing confusion and damages with the late disclosure of breaking up with Boehringer Ingelheim over a third-generation cancer-fighting drug contract valued at 850 billion won (US$773.10 million).
“Prosecutors should join the probe launched by financial authorities by conducting seize and search operations into the firm in order to establish the truth swiftly,” the agency said.
Disappointed by Boehringer’s contract termination, Hanmi shares plummeted 24 percent during two trading sessions on Sept. 30 and Oct. 4, after the firm’s stock price spiked nearly 5 percent on a disclosure made on Sept. 29 that it had clinched a 1 trillion won deal with Genentech, a member of Roche Group.
“We will submit a written complaint on Oct. 10,” Cho Nam-hee, head of Financial Consumer Agency told The Investor. The agency hasn’t decided on which prosecutors’ office to hand in the petition yet, he said.
On Sept. 29, Boehringer Ingelheim notified Hanmi that it won’t proceed with clinical trials and return the license for its new lung cancer treatment, HM61713, which was disclosed by the Korean pharmaceutical firm 30 minutes after the stock market opened the next day.
Under the KRX’s regulatory filing rule, information regarding technology transfer, introduction and partnership ought to be posted within two days after the related deal is made.
By Park Han-na (hnpark@heraldcorp.com)
The civic group called for stern penalties on the Seoul-listed pharmaceutical firm for “committing an immoral act” for posting both winning and losing mega deals with global drug makers two days apart.
“Hanmi Pharmaceutical abused disclosure rules by reporting favorable news first and unfavorable disclosure later during trading hours,” the FCA said in a press release.
The move came after the country’s bourse operator Korea Exchange and financial authorities jointly launched an investigation into the drug maker, which has been in hot water for causing confusion and damages with the late disclosure of breaking up with Boehringer Ingelheim over a third-generation cancer-fighting drug contract valued at 850 billion won (US$773.10 million).
“Prosecutors should join the probe launched by financial authorities by conducting seize and search operations into the firm in order to establish the truth swiftly,” the agency said.
Disappointed by Boehringer’s contract termination, Hanmi shares plummeted 24 percent during two trading sessions on Sept. 30 and Oct. 4, after the firm’s stock price spiked nearly 5 percent on a disclosure made on Sept. 29 that it had clinched a 1 trillion won deal with Genentech, a member of Roche Group.
“We will submit a written complaint on Oct. 10,” Cho Nam-hee, head of Financial Consumer Agency told The Investor. The agency hasn’t decided on which prosecutors’ office to hand in the petition yet, he said.
On Sept. 29, Boehringer Ingelheim notified Hanmi that it won’t proceed with clinical trials and return the license for its new lung cancer treatment, HM61713, which was disclosed by the Korean pharmaceutical firm 30 minutes after the stock market opened the next day.
Under the KRX’s regulatory filing rule, information regarding technology transfer, introduction and partnership ought to be posted within two days after the related deal is made.
By Park Han-na (hnpark@heraldcorp.com)
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