Regulator fines Samsung BioLogics, calls for CEO to be fired
Despite the market’s earlier optimism, the wild ride for investors in Samsung BioLogics (KS: 207940) continued on Wednesday, after South Korea’s financial watchdog found that the firm had intentionally broken accounting rules.
The company's woes began in May, after questions were raised about a dramatic turnaround in its fortunes, from consecutive annual losses to a sudden net profit of nearly $2 billion in 2015, in the runup to its IPO in 2016.
The Securities and Futures Commission (SFC) started a probe into the accounting irregularities, which has now delivered its verdict.
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