After disappointing investors, SillaJen gets into trouble with Korean prosecutors on suspected insider trading
SillaJen investors suffered a bad rout when the stock took a freefall earlier this month in the wake of a notice that the company is abandoning a Phase III for its oncolytic virus, shaving more than $800 million off a multi-billion market cap in less than 2 hours.
Executives at the biotech, though, apparently avoided that loss by selling stock ahead of the bad news — and Korean authorities have reportedly raided their offices for an apparent investigation.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.