[Notice to shareholders] Celltrion’s Response to the Decision of the Securities & Futures Commission
Celltrion deeply apologizes for causing confusion to our shareholders with regards to today’s unfortunate decision rendered by the Securities & Futures Commission (SFC), a decision-making body of the Financial Supervisory Service to recommend prosecution of largest shareholder.
Celltrion cannot accept the decision of the SFC which denies existence of speculative shortsellers and Celltrion vehemently denies any and all allegations of stock price manipulation which have been alleged by the SFC. Neither Celltrion nor its controlling shareholder has ever engaged in any activity of leaking undisclosed material information or aided in certain investors taking profits through exploitation of insider information. We cannot agree with the commission’s allegations.
Celltrion has never bought or sold its shares with the intent of artificially bolstering for a certain price, Celltrion only re-purchased its shares from the market with appropriate disclosure in accordance with regulations when abnormal excessive shorting volume on the company’s shares were suspected. To date, Celltrion has never leaked any undisclosed materials nor made illegal profits from share trading.
Yet despite Celltrion’s continued steadfast and veritable explanation, today’s announcement by the SFC is deeply disappointing. Nevertheless, Celltrion will comply with the investigation of the prosecutor’s office to dispel these charges so that we may extinguish all doubts and concerns of the market as soon as possible. Please rest assured that we will act swiftly to allay any concerns our shareholders may have.
Celltrion will remain steadfast despite the decision of the SFC and continue to spearhead the future of the biopharmaceutical industry by developing biosimilar mAbs. Since the approval of Remsima by the EMA, the initial distribution of Remsima in Nothern Europe is underway. Cellltrion’s business operations are going smoothly as planned including the stake sales of our CEO to a collaborative partner which will enhance Celltrion’s global sales of its products. We thank you, our shareholders, for your patience and understanding.