이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
NPS may seek damages from Hanmi Pharm over possible unfair stock trading
- Collected
- 2016.10.06
- Distributed
- 2016.10.10
- Source
- Go Direct
South Korea’s National Pension Service said it will seek damages from Hanmi Pharmaceutical Co. over its investment losses from the sharp fall in the company’s stocks following the breakdown of the out-licensing deal with Boehringer Ingelheim, if there is any evidence linking illegalities in the delayed announcement of the upsetting announcement and the company’s stock trading.
The pension fund is estimated to have posted a 110 billion won ($99 million) loss in its holdings of Hanmi stocks on valuation after Hanmi shares have plunged more than 26 percent for the three consecutive sessions since September 30 when the company disclosed that its multibillion-dollar deal to license out its novel lung cancer treatment drug fell through. The NPS, the world’s third largest pension fund by assets, owns about 741,202 Hanmi Pharm shares, or 7.1 percent of the company’s outstanding shares as of July 29.
An NPS official said on Wednesday that whether to file a suit against Hanmi will be determined depending on the ongoing investigation by financial authorities over any illegalities in the process of the company’s stock trading and its announcement of the Boehringer fallout. If there is any evidence to show insider trading activity or leaked information by insiders before the company disclosed the deal breakdown on Friday, the pension fund, which is responsible for managing the nation’s retirement savings, will actively take legal action against the company for compensation, the official said.
The country’s financial authorities have been probing possible insider trading and illicit gains at Hanmi as well as the suspicion that the company might have intentionally withheld the Boehringer deal breakdown announcement. The company has been heavily criticized after it announced its exclusive license agreement of its novel lung cancer treatment with Boehringer fell through a day after it disclosed that it inked an out-licensing deal with Genentech on its new anti-cancer treatment.
Following the upsetting news, Hanmi’s stocks nosedived from 620,000 won on September 29 to 457,000 won on October 5. The pension fund’s loss on valuation may be smaller than the estimate of 165 billion won, considering that it has net sold about 120,000 shares of Hanmi from August until recently. But the loss on valuation may be snowballing if the current bearish trend continues.
If the pension fund files a lawsuit against Hanmi, its legal action is expected to trigger other institutional investors to follow suit, market analysts forecast. A group of retail investors have already embarked on the process of a class action suit against the country’s star pharmaceutical company.
The pension fund is estimated to have posted a 110 billion won ($99 million) loss in its holdings of Hanmi stocks on valuation after Hanmi shares have plunged more than 26 percent for the three consecutive sessions since September 30 when the company disclosed that its multibillion-dollar deal to license out its novel lung cancer treatment drug fell through. The NPS, the world’s third largest pension fund by assets, owns about 741,202 Hanmi Pharm shares, or 7.1 percent of the company’s outstanding shares as of July 29.
An NPS official said on Wednesday that whether to file a suit against Hanmi will be determined depending on the ongoing investigation by financial authorities over any illegalities in the process of the company’s stock trading and its announcement of the Boehringer fallout. If there is any evidence to show insider trading activity or leaked information by insiders before the company disclosed the deal breakdown on Friday, the pension fund, which is responsible for managing the nation’s retirement savings, will actively take legal action against the company for compensation, the official said.
The country’s financial authorities have been probing possible insider trading and illicit gains at Hanmi as well as the suspicion that the company might have intentionally withheld the Boehringer deal breakdown announcement. The company has been heavily criticized after it announced its exclusive license agreement of its novel lung cancer treatment with Boehringer fell through a day after it disclosed that it inked an out-licensing deal with Genentech on its new anti-cancer treatment.
Following the upsetting news, Hanmi’s stocks nosedived from 620,000 won on September 29 to 457,000 won on October 5. The pension fund’s loss on valuation may be smaller than the estimate of 165 billion won, considering that it has net sold about 120,000 shares of Hanmi from August until recently. But the loss on valuation may be snowballing if the current bearish trend continues.
If the pension fund files a lawsuit against Hanmi, its legal action is expected to trigger other institutional investors to follow suit, market analysts forecast. A group of retail investors have already embarked on the process of a class action suit against the country’s star pharmaceutical company.
By Kim Hyo-hye and Bae Mi-jung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]