Artists United Company Faces Insider Trading Allegations: Jung Woo Sung and Lee Jung Jae
Shares of Artist United, a company with actor Lee Jung Jae as its largest shareholder, took a hit recently, dropping over 20% and causing concern among investors. This sudden decrease came after allegations surfaced regarding insider trading and the company, previously known as Widerplanet.
On December 6, at 11:11 a.m., Artist United’s stock was trading at 13,270 KRW (about $9.34), marking a significant 21.62% decrease from the previous day. At one point, the stock even hit the lower limit of 11,860 KRW (approximately $8.35). The news of the investigation into potential insider trading by financial authorities seems to have triggered this sell-off.
Reports suggest that some individuals may have anticipated the involvement of actors Lee Jung Jae and Jung Woo Sung in the acquisition of Artist United. It is claimed that they artificially inflated the stock value under a political-themed facade to benefit financially from this manipulation. Authorities are now looking into these claims to determine the validity of these allegations.
Artist United, known for its big data and AI-driven marketing platforms, responded to these accusations with a statement denying any wrongdoing on the part of Lee Jung Jae. They clarified that he is merely a witness in the investigation, not a subject. The company has reaffirmed its commitment to cooperating with authorities and taking legal action against anyone found guilty of insider trading or information leaks.
Despite the ongoing investigation and controversy, Artist United has assured its shareholders of a thorough internal review to address any issues and ensure accountability. Their goal is to protect their investors and maintain transparency through this challenging period.
