IR Notice
Dear Shareholders and Investors,
As of October 11th, 2019, South Korea's Supreme Court dismissed the appeal made by the Securities and Futures Commission (“SFC”) to cancel the court's suspension decision on two disciplinary actions against Samsung BioLogics to 1) dismiss the CFO, and 2) assign independent auditors for 3 years. We would like to inform you of the progress.
On July 12th, 2018, the SFC announced to take the following primary preliminary actions against Samsung BioLogics, alleging that the failure to write certain terms of the joint venture agreement with Biogen
- Recommend the dismissal of the CFO
- Assign independent auditors for 3 years
- Press prosecution charges (against the company and the CEO)
Progress to Date:
- 2018. 10. 8
- Samsung BioLogics filed an administrative suit against the SFC's decision.
- 2018. 12. 18
- Samsung BioLogics requested to the Seoul Administrative Court for suspension of the decision to 1) dismiss the CFO, and 2) assign independent auditors for 3 years.
- 2019. 2. 19
- The Seoul Administrative Court accepted the stay of ution by Samsung BioLogics until the decision is made on the administrative litigation.
- 2019. 2. 21
- The SFC appealed to the Seoul High Court on the Seoul Administrative Court's Feb. 19th ruling.
- 2019. 5. 24
- The Seoul High Court ruled against the SFC's appeal.
- 2019. 6. 10
- The SFC made a second appeal to the Supreme Court on the Seoul High Court's May 24th ruling.
- 2019. 10. 11
- The Supreme Court made a final decision to rule against the SFC's appeal
※ Click below for the Supreme Court's decision to rule against the SFC on the secondary measures.
Letters to Shareholders
For Further inquiries, please contact IR.
Thank you.
* What is “stay of ution” ?
- A stay of ution is a court order to temporarily suspend the ution of an administrative measure.
- A decision made in such case may be liable to an action for damages that could be caused by the ution of an administrative measure.
- Hence, as per the Supreme Court's final decision made on Sep 6th and Oct 11th, 2019, Samsung BioLogics does not need to implement the SFC's primary and secondary measures until the ruling is made on the main administrative litigation.
